NZD/USD Daily: Broke Below Pivot Level and 23% Fibonacci
Trading Idea: Short Positions Below 0.76 Targeting 0.7530 and 0.7460 in extension.
Technical reasons why: The pair tested the Key resistance level and previous bullish target of 0.77 just to move back down below both pivot levels at 0.7675 and 0.76, the later also being the 23% Fibonacci level. While the pair remains above the Ichimoku cloud and within a rising channel, we still could see the bearish sentiment to be strong enough to continue at least to our first bearish targets.
Alternative Scenario: Above 0.76 look for further up moves back to 0.77 area
Suggested stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.7530 | 0.7600 | 0.77700 |
| 0.7460 | 0.7675 | 0.7831 |
