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 0.62305, where the previous swing low is, before heading towards the 2nd support at 0.61601, where the -27.2% Fibonacci line is. In an alternate scenario, price could possibly head back up breaking the 1st resistance level at 0.63024, where the 23.6% Fibonacci line is, before heading towards the 2nd resistance at 0.63742, where the 50% Fibonacci line is.
Trading Recommendation
Entry: 0.63024
Reason for Entry:
Sell limit entry to retest the 1st resistance line
Take Profit: 0.61601
Reason for Take Profit:2nd support line
Stop Loss: 0.63742
Reason for Stop Loss:
2nd resistance line and recent swing high
