FX.co ★ NZDUSD Potential For Bullish Rise | 4th August 2022

On the H4, with price bouncing off to the ascending trendline, also, the momentum of red histogram is decreasing, we have a bullish bias that price may rise from the 1st support at 0.62053 where 50% fibonacci retracement is to the 1st resistance at 0.63525 at the swing high, 61.8% fibonacci projection and 50% fibonacci retracement. Alternatively, price may reverse off the 1st support and drop to 2nd support at 0.60605 where the swing low is. Take note the price of 0.61234 could be the intermediate support, which is in line with the 78.6% fibonacci retracement.

Trading Recommendation

Entry:0.62053

Reason for Entry: 50% fibonacci retracement

Take Profit: 0.63525

Reason for Take Profit:Swing high, 61.8% fibonacci projection and 50% fibonacci retracementStop Loss: 0.60605

Reason for Stop Loss:

Swing low