NZDUSD, H4 has reversed from our Pivot point. Potential for a d

Price has reversed from our Pivot point of 0.72099, which is in line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension, descending trendline resistance and horizontal graphical resistance. A potential drop from here towards our first support level of 0.71675, in line with 61.8% fibonacci retracement, 50% fibonacci extension. Please note that price is trending under the descending trendline, showing bearish pressure.

Description:

Pivot: 0.72099
Why we like it:
78.6% Fibonacci retracement, 61.8% Fibonacci extension, descending trendline resistance and horizontal graphical resistance

1st Support: 0.71675
Why we like it:
61.8% fibonacci retracement, 50% fibonacci extension

1st Resistance: 0.72345
Why we like it:
61.8%, -27% Fibonacci retracement, 78.6% fibonacci extension and horizontal graphical resistance.

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