Title
NZDUSD H4 | Bearish reversal
Type
Bearish Reversal
Preference:
Price is approaching our pivot point of 0.62621 which is an overlap resistance level. A reverse from her price could fall to 1st support at 0.62076 which is a swing low support level.
Alternative scenario:
However, If price breaks above the pivot, price could rally to 1st resistance at 0.63109 which aligns with a 61.8% Fibonacci retracement.
Additionally, price is above a major ascending trend line suggesting further bullish momentum is on the cards
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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.