Looking at the H4 chart, my overall bias for NZDUSD is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect price to possibly break the 1st support at 0.63024, where the 23.6% Fibonacci line is before heading towards the 2nd support at 0.62305, where the previous swing low is. In an alternate scenario, price could possibly head back up towards the 1st resistance level at 0.63742, where the 50% Fibonacci line is.
Trading Recommendation
Entry: 0.62972
Reason for Entry:
Sell stop entry slightly below where the 1st support is to ride the bearish momentum
Take Profit: 0.62305
Reason for Take Profit:2nd support line
Stop Loss: 0.63742
Reason for Stop Loss:
1st resistance line and recent swing high
