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23.09.2022 10:03 AM
NZDUSD Potential for Bearish Drop | 23rd September 2022

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On the H4, with the price moving within the descending channel, below ichimoku cloud, If the price can break the 1st support at 0.57984, which is in line with the 78.6% fibonacci projection, 161.8% fibonacci extension, 127.2% fibonacci extensions successfully, we can expect the price drop to the 2nd support at 0.56546, which is in line with the 200% fibonacci extension and 161.8% fibonacci extension. Alternatively, the price may pull back to the 1st resistance at 0.59984, where the 50% fibonacci retracement and overlap resistance are.

Trading Recommendation

Entry: 0.57984

Reason for Entry:

78.6% fibonacci projection, 161.8% fibonacci extension, 127.2% fibonacci extensions

Take Profit: 0.56546

Reason for Take Profit:

200% fibonacci extension and 161.8% fibonacci extension

Stop Loss: 0.59984

Reason for Stop Loss:

50% fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
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