Type: Bullish BounceKey Levels:Resistance: 0.63269Intermediate resistance: 0.62717Pivot: 0.62048Support: 0.61419Preferred Case:On the H4, with price breaking out of the descending trend channel, moving in a short term ascending support and moving above the ichimoku cloud, we have a bullish bias that price will rise from the pivot at 0.62048 at the overlap support. If price breaks the intermediary resistance at 0.62717 at the swing high in line with the 61.8% fibonacci retracement and 100% fibonacci projection, we will have upside confirmation that price will rise to the 1st resistance at 0.63269 at the swing high in line with the 78.6% fibonacci retracement.Alternative Scenario:Alternatively, price may break the support structure at the pivot and drop to the 1st support at 0.61419 at the pullback support.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/nzdusd-h4-or-potential-bullish-continuation257"
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