Title
NZDUSD H4 I Bullish Bounce
Type
Bullish Reversal
Preference:
The price is falling toward the pivot level at 0.5986, an overlap support that aligns with the 50% Fibonacci retracement. A bounce from this level could lead the price toward the 1st resistance at 0.6029, a pullback resistance.
Alternative Scenario:
If price breaks below the pivot, it could signal bearish momentum and potentially fall toward the 1st support at 0.5941, a multi-swing low support level.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.