#NZDUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 0.69779, which is in line with 61.8% Fibonacci retracement level & horizontal overlap support. A reversal from this level may see price take resistance at price 0.7039. This level coincides with -27.2% Fibonacci retracement level & horizontal swing high resistance. Finally, we can expect price to take support at 0.69323127.2% Fibonacci retracement level & horizontal swing low support . This is further supported by how MACD is holding above the 0 line.
Pivot:
0.69779
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
0.69323
127.2% Fibonacci retracement level & horizontal swing low support
1st Resistance:
0.70390
-27.2% Fibonacci retracement level & horizontal swing high resistance
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