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Title
NZDUSD Potential for bearish drop towards overlap support
Type
Bearish Reversal
Preference
Looking at the H4 chart, my overall bias for NZDUSD is bearish with the current price being below the Ichimoku Cloud. To add confluence to this bias, price is along a descending trendline.
Looking for price to retest and drop from the pivot, where the overlap resistance and 23.6% Fibonacci line is. Take profit will be at the support, where the overlap support is.
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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.