Title
NZDUSD D1 | Bullish bounce above ascending trend line
Type
Bullish Bounce
Preference:
Price has reversed above the pivot point of 0.6098 which is an overlap support that aligns close to the 78.6% Fibonacci retracement level; we could see momentum carry price up to its 1st resistance at 0.63933 which is an overlap resistance.
Alternative scenario:
If price breaks below the pivot point, it could hit the 1st support at 0.59843 which is a pullback support that aligns close to the 50.0% Fibonacci retracement level.
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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.