New Zealand Dollar Futures (6N1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 0.63840
Pivot: 0.63205
Support : 0.62485
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 0.63205 where the swing high resistance, 127.2% fibonacci extension and 78.6% fibonacci retracement are. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 0.63840 where the swing high resistance, 78.6% fibonacci projection , 161.8% fibonacci extension and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could drop to the 1st support at 0.62485 where the overlap support is.
Fundamentals: Due to the lower economic activity, we have a bearish view on New Zealand Dollars. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 0.63840
Pivot: 0.63205
Support : 0.62485
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 0.63205 where the swing high resistance, 127.2% fibonacci extension and 78.6% fibonacci retracement are. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 0.63840 where the swing high resistance, 78.6% fibonacci projection , 161.8% fibonacci extension and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could drop to the 1st support at 0.62485 where the overlap support is.
Fundamentals: Due to the lower economic activity, we have a bearish view on New Zealand Dollars. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.