Title
GBPNZD H4 | Falling from 23.6%
Type
Bearish Reversal
Preference:
Price has just reversed from our pivot of 2.00633 which is an overlap resistance that lines up with 23.6% Fibonacci retracement. A reverse from here, price could fall to 1st support at 1.99568 which is a pullback support level.
Alternative scenario:
However, if price breaks above the pivot, it could push up to 1st resistance at 2.01601 which is a swing high resistance level
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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.