FX.co ★ NZDUSD Potential for Bullish Rise | 28th October 2022

On the H4 chart, as the price is breaking the descending trendline and the price is above ichimoku cloud , we have a bullish bias that the price may rise from the 1st support at 0.58565, which is in line with the previous swing high to the 1st resistance at 0.59963, where the overlap resistance and 50% fibonacci retracement are. Alternatively, the price may drop to the 2nd support at 0.56556, where the previous swing low and 61.8% fibonacci retracement are.

Trading Recommendation

Entry: 0.58565

Reason for Entry:Previous swing high

Take Profit: 0.59963

Reason for Take Profit:

Overlap resistance and 50% fibonacci retracement

Stop Loss: 0.56556

Reason for Stop Loss:

Previous swing low and 61.8% fibonacci retracement