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NZDUSD H4 | Potential Bearish Reversal

35491 nzdusd h4 potential bearish reversal

Type: Bearish ReversalKey Levels:Resistance: 0.69807Pivot: 0.69255Support: 0.68086Preferred Case:On the H4, price is expected to drop closer to the ascending trendline. Price is near 1st resistance level of 0.69255 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension. Price can move towards the 1st support level of 0.68086 which is in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is supported by the stochastic indicator where it is at resistance level. Alternative Scenario:Alternatively, price might go up to the 2nd resistance level at 0.69807 which is in line with 161.8% Fibonacci extension.

Source: Tickmill

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