Title
NZDUSD H4 I Bearish reversal forming at pullback resistance
Type
Bearish reversal
Preference:
The price is reacting off the pivot at 0.5939, a pullback resistance that aligns with the 61.8% Fibonacci projection.. A reversal at this level could lead the price toward the 1st support at 0.5884, an overlap support that aligns with the 50% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it could rise toward the 1st resistance at 0.5984, a swing high resistance.
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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.