FX.co ★ NZDUSD is facing bullish pressure, potential for further upside!

Prices are currently facing bullish pressure from our support at 0.72117, in line with the horizontal pullback support and 23.6% Fibonacci retracement where we might see a push up towards our resistance at 0.72676, in line with the graphical swing high resistance and 78.6% fibonacci retracement. EMA and Ichimoku cloud are showing signs of bullish pressure as well, in line with our bullish bias.

Trading Recommendation

Entry: 0.72117

Reason for Entry:

horizontal pullback support and 23.6% Fibonacci retracement

Take Profit: 0.72676

Reason for Take Profit:

78.6% Fibonacci retracement and horizontal swing high resistance

Stop Loss: 0.71836

Reason for Stop Loss:

61.8% Fibonacci retracement and 61.8% Fibonacci extension