Title
NZDUSD H4 | Bearish reversal
Type
Bearish Reversal
Preference:
Price has reversed from the pivot point of 0.62198 which is an overlap resistance that aligns with the 61.8% Fibonacci retracement level; we could see momentum carry price down to its 1st support at 0.61318 which is an overlap support that aligns with a confluence of Fibonacci levels i.e. to the 78.6% retracement and 61.8% projection levels.
Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance at 0.62741 which is a swing-high resistance.
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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.