NZDUSD, D1 is approaching our Pivot. Potential for a drop.

Price is approaching our Pivot point of 0.704, which is in line with 38.2%, 50% Fibonacci retracement and horizontal graphical overlap. A potential drop from here towards our first support level of 0.69242, in line with the 61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. It is worth noting that price is under the Ichimoku cloud in line with our bearish analysis.

Description:

Pivot: 0.704
Why we like it:
38.2%, 50% Fibonacci retracement and horizontal graphical overlap

1st Support: 0.69242
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap

1st Resistance: 0.71387
Why we like it:
38.2%, 78.6% fibonacci retracement and ichimoku cloud resistance.

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