NEW ZELAND DOLLAR FUTURES (6N1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance :0.61615
Pivot: 0.60565
Support : 0.60050
Preferred Case: On the H4, with price moving below descending trendline and ichimoku indicator, we have a bearish bias that the price may drop from the pivot at 0.60565, where the current price is to the 1st support at 0.60050, where the 78.6% fibonacci projection is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 0.61615, where the 23.6% fibonacci retracement and previous swing low is.
Fundamentals: the Monetary Base y/y is out today, showing -2.4%, which is lower than forecasted and previous data.
Resistance :0.61615
Pivot: 0.60565
Support : 0.60050
Preferred Case: On the H4, with price moving below descending trendline and ichimoku indicator, we have a bearish bias that the price may drop from the pivot at 0.60565, where the current price is to the 1st support at 0.60050, where the 78.6% fibonacci projection is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 0.61615, where the 23.6% fibonacci retracement and previous swing low is.
Fundamentals: the Monetary Base y/y is out today, showing -2.4%, which is lower than forecasted and previous data.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results