NZDUSD bearish reversal | 7th Oct 2021

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Price is holding below the ichimoku cloud resistance close to 1st resistance at 0.69355 which is in line with the 38.2% Fibonacci retracement and may continue with bearish drop from there towards 1st support at 0.68832 in line with 78.6% Fibonacci Retracement and is a graphical support. Otherwise, price may break structure at 1st resistance and head for 2nd resistance at 0.69756.

Trading Recommendation

Entry:0.69355

Reason for Entry:

Horizontal overlap support and 38.2% Fibonacci retracement

Take Profit: 0.68832

Reason for Take Profit:

78.6% Fibonacci Retracement and graphical support

Stop Loss:1.25789

Reason for Stop Loss:

Graphical resistance

The material has been provided by InstaForex Company - www.instaforex.com

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