Forex Analysis & Reviews: NZDUSD Potential for Bearish Drop | 25th August 2022

On the H4, with price moving below the ichimoku indicator, we have a bearish bias that price will drop from 1st resistance at 0.62122 where the pullback overlap resistance is to the 1st support at 0.60612 where the swing low support and 161.8% fibonacci extension are. Alternatively, price could break 1st resistance and rise to 2nd resistance at 0.63160 where the overlap resistance, 50% fibonacci retracement and 61.8% fibonacci projection are.

Trading Recommendation
Entry: 0.62122
Reason for Entry:Pullback overlap resistance
Take Profit: 0.60612
Reason for Take Profit: Swing low support and 161.8% fibonacci extension
Stop Loss: 0.63160
Reason for Stop Loss:
Overlap resistance, 50% fibonacci retracement and 61.8% fibonacci projection

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

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