FX.co ★ NZDUSD Potential For Bullish Bounce | 6th April 2022

On the H4, with price expected to bounce off the support of the Ichimoku cloud and the support of the ascending trendline, we have a bias that price will rise to our 1st resistance at 0.70161 in line with the swing high resistance from our 1st support at 0.69297 in line with the horizontal overlap support, 78.6% Fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 0.68752 in line with the 50% Fibonacci retracement.

Trading Recommendation

Entry: 0.69297

Reason for Entry: Horizontal overlap support and 78.6% Fibonacci projection

Take Profit: : 0.70161

Reason for Take Profit: Horizontal swing high resistance

Stop Loss: 0.68752

Reason for Stop Loss:

Horizontal overlap support and 50% Fibonacci retracement