FX.co ★ NZDUSD facing bearish pressure, potential for further downside

Prices are facing bearish pressure and are facing resistance from horizontal pullback resistance in line with 50% Fibonacci retracement and 78.6% Fibonacci extension . Prices might push down towards 161.8% Fibonacci extension Fibonacci confluence . If prices continue to push up, prices might face resistance from horizontal pullback resistance in line with 38.2% Fibonacci retracement and 78.6% Fibonacci extension . EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 0.69419

Reason for Entry:

Horizontal pullback resistance, 50% Fibonacci retracement, 78.6% Fibonacci extension

Take Profit: 0.68760

Reason for Take Profit:

161.8% Fibonacci extension confluence

Stop Loss: 0.68760

Reason for Stop Loss:

Horizontal pullback resistance, 38.2% Fibonacci retracement, 78.6% Fibonacci extension