NZDUSD facing bullish pressure, potential for more upside!

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Price is above 1st support at 0.713 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci extension. It could potentially bullish from 1st support at 0.713 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci extension to 1st resistance at 0.72454 in line with 127.2% Fibonacci retracement and 61.8% Fibonacci extension. Our bullish bias is further supported by how Price is holding above the MA, the Ichimoku cloud and Stochastic is abiding to an ascending trendline support. Otherwise price may continue to bearish to 2nd support at 0.70932 in line with 38.2% Fibonacci retracement and 100% Fibonacci extension.

Trading Recommendation

Entry: 0.713

Reason for Entry:

23.6% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 0.72454

Reason for Take Profit:

127.2% Fibonacci retracement and 61.8% Fibonacci extension

Stop Loss: 0.70932

Reason for Stop Loss:

38.2% Fibonacci retracement and 100% Fibonacci extension.

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

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