Title
NZDUSD H4 I | Potential bullish reversal
Type
Bullish reversal
Preference:
The price has bounced off the pivot at 0.5840, a pullback support. A bounce at this level could lead the price toward the 1st resistance at 0.5913, a pullback resistance that is slightly above the 38.2% Fibonacci retracement.
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st support at 0.5801, a swing low support.
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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.