FX.co ★ NZDUSD Potential For Bearish Drop | 15th 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 resistance at 0.60373, which is in line with the pullback resistance and 38.2% fibonacci retracement to the 1st support at 0.59624, where the 78.6% fibonacci projection and 127.2% fibonacci extension are. Alternatively, the price may rise to the 2nd resistance at 0.60771, which is in line with the overlap resistance and 61.8% fibonacci retracement . Trading Recommendation

Entry: 0.60373

Reason for Entry:Pullback resistance and 38.2% fibonacci retracement

Take Profit: 0.59062

Reason for Take Profit: 78.6% fibonacci projection and 127.2% fibonacci extension

Stop Loss: 0.60771

Reason for Stop Loss:

Overlap resistance and 61.8% fibonacci retracement