FX.co ★ NZDUSD Bullish Continuation | 4th Jan 2022

On the H4 timeframe, prices are on bullish momentum and abiding to our ascending trendline. We see the potential for further bullish movement from our 1st support at 0.67919 in line with 127.2% Fibonacci extension and ascending trendline towards our 1st resistance at 0.68140 in line with 127.2% Fibonacci extension and 50% Fibonacci retracement. Technical indicators are showing momentum. Alternatively, breaking our 1st support may find prices dipping towards our 2nd support at 0.67715 in line with 61.8% and 161.8% Fibonacci Projection.

Trading Recommendation

Entry: 0.67919

Reason for Entry:

127.2% Fibonacci extension and ascending trendline

Take Profit: 0.68140

Reason for Take Profit:

127.2% Fibonacci extension and 50% Fibonacci retracement

Stop Loss: 0.67715

Reason for Stop Loss:

61.8% and 161.8% Fibonacci Projection