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flag ★ NZDJPY facing bearish pressure, drop incoming!

Forex Analysis:::2021-05-24T09:19:39

NZDJPY facing bearish pressure, drop incoming!

 NZDJPY facing bearish pressure, drop incoming!

Prices are facing bearish pressure and might continue its bearish moves downwards if it breaks through support level which coincides with 127.2% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push down further and take support from 161.8% Fibonacci retracement and 127.2% Fibonacci extension. If prices reverses from pivot, prices might face resistance from horizontal swing high resistance in line with 50% Fibonacci retracement and 50% Fibonacci extension. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 77.928

Reason for Entry:

Horizontal swing low support, 127.2% Fibonacci retracement, 61.8% Fibonacci extension

Take Profit: 77.597

Reason for Take Profit:

Horizontal swing low support, 161.8% Fibonacci retracement, 127.2% Fibonacci extension

Stop Loss: 78.221

Reason for Stop Loss:

Horizontal swing high resistance, 50% Fibonacci retracement, 50% Fibonacci extension

Analyst InstaForex
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