Title
NZDUSD 4H | Bullish Continuation
Type
Bullish Trend
Preference:
The price is rising toward the pivot at 0.5645, a pullback support. A bounce off from this level could drive the price towards the 1st resistance at 0.5722, which aligns close to the 161.8% Fibonacci extension and the 100% Fibonacci projection.
Alternative Scenario:
If the price breaks below the pivot level, it may fall towards the 1st support at 0.5587, which is a strong overlap support area.
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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.