FX.co ★ NZDUSD Potential for Bullish Rise | 15th August 2022

On the H4, with the price is over ichimoku cloud and RSI is moving along the ascending trendline, we have a bullish bias that price may rise from the 1st resistance at 0.64665, where the swing high and 78.6% fibonacci retracement are to the 2nd resistance at 0.65736 where the swing high is. Alternatively, as the MACD histograms are under zero, and DIF is almost crossing the signal line, the price may drop to the 1st support at 0.63630 which is in line with 23.6% fibonacci retracement and overlap support.

Trading Recommendation

Entry:0.64665

Reason for Entry:Swing high and 78.6% fibonacci retracement

Take Profit: 0.65736

Reason for Take Profit: swing high

Stop Loss: 0.63630

Reason for Stop Loss:

23.6% fibonacci retracement and overlap support