GBPNZD H4 | Bearish reversal at pullback resistance
Title:
GBPNZD H4 | Bearish reversal at pullback resistance
Type:
Bearish reversal
Preference:
The price is reacting off the pivot at 2.3883, a pullback resistance that aligns with the 23.6% Fibonacci retracement. A reversal from this level could lead the price toward the 1st support at 2.3664, a pullback support that aligns with the 61.8% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it could rise to the 1st resistance at 2.4030, a pullback resistance that aligns witht the 61.8% Fibonacci retracement.
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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.