Title
NZDUSD H4 | Approaching Key Resistance
Type
Bearish Reversal
Preference:
The price is currently approaching the pivot level at 0.5617, a pullback resistance that aligns with the 38.2% Fibonacci retracement. A reversal from this level could lead the price to fall towards the 1st support at 0.5588, a multi-swing low support.
Alternative Scenario:
If the price breaks above the pivot, it may rise further towards the 1st resistance at 0.5639, an overlap resistance close to the 61.8% Fibonacci retracement.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.