NZDUSD Potential for Bullish Momentum | 9th November 2022
November 9, 2022 10:27 am
On the H4, price is moving within the ascending channel, and above ichimoku cloud, we have a bullish bias that he price may rise from the 1st support at 0.59499, which is in line with the 23.6% fibonacci retracement to the 1st resistance at 0.60739, where the 161.8% fibonacci extension and 78.6% fibonacci projection are. Alternatively, the price may drop to the 2nd support at 0.58616, where the 50% fibonacci retracement is.
Trading Recommendation
Entry: 0.59499
Reason for Entry:
23.6% fibonacci retracement
Take Profit: 0.60739
Reason for Take Profit:161.8% fibonacci extension and 78.6% fibonacci projection
Stop Loss: 0.58616
Reason for Stop Loss:
50% fibonacci retracement
The material has been provided by InstaForex Company – www.instaforex.com
On the H4, price is moving within the ascending channel, and above ichimoku cloud, we have a bullish bias that he price may rise from the 1st support at 0.59499, which is in line with the 23.6% fibonacci retracement to the 1st resistance at 0.60739, where the 161.8% fibonacci extension and 78.6% fibonacci projection are. Alternatively, the price may drop to the 2nd support at 0.58616, where the 50% fibonacci retracement is.
Trading Recommendation
Entry: 0.59499
Reason for Entry:
23.6% fibonacci retracement
Take Profit: 0.60739
Reason for Take Profit:161.8% fibonacci extension and 78.6% fibonacci projection
Stop Loss: 0.58616
Reason for Stop Loss:
50% fibonacci retracement
The material has been provided by InstaForex Company – www.instaforex.com
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