FX.co ★ GBPNZD Potential For Bearish Reversal | 24th March

On the H4, price is abiding by the descending trendline. Price is near 1st resistance level of 1.90187 in line with 23.6% Fibonacci retracement. Price can reversal towards the 1st support level of 1.88610 which is in line with 161.8% Fibonacci extension. Our bearish bias is supported by price trading below the Ichimoku cloud indicator. Alternatively, price might move towards the 2nd resistance level at 1.91635 which is in line with 100% Fibonacci projection and 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 1.90187

Reason for Entry: 23.6% Fibonacci retracement.

Take Profit: : 1.88610

Reason for Take Profit: 161.8% Fibonacci extension.

Stop Loss: 1.91635

Reason for Stop Loss:

100% Fibonacci projection and 61.8% Fibonacci retracement.