FX.co ★ NZDUSD Potential for Bearish Drop | 14th September 2022

On the H4, with the price moving within the descending channel and below ichimoku cloud, we have a bearish bias that the price may drop from the 1st support at 0.59960, which is in line with the swing low and 61.8% fibonacci projection to the 2nd support at 0.59062, where the 100% fibonacci projection is. Alternatively, the price may rise to the 1st resistance at 0.61564, which is in line with the overlap resistance, 61.8% fibonacci retracement and 38.2% fibonacci retracement.

Trading Recommendation

Entry: 0.59960

Reason for Entry:Swing low and 61.8% fibonacci projection

Take Profit: 0.59062

Reason for Take Profit: 100% fibonacci projection

Stop Loss: 0.61564

Reason for Stop Loss:

Overlap resistance, 61.8% fibonacci retracement and 38.2% fibonacci retracement