Title
NZDUSD 4H | Bearish Reversal
Type
Bullish Trend
Preference:
The price is rising toward the pivot level at 0.57224 a pullback resistance that aligns with the 50% Fibonacci retracement and the 100% Fibonacci projection. If the price reverses from this level, we could see a pullback towards the 1st support at 0.56466, an overlap support level.
Alternative Scenario:
If the price breaks above the pivot level, it may continue its bullish momentum towards the 1st resistance at 0.58051, an overlap resistance.
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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.