NZDUSD Experiencing a Squeeze, Potential for Downside! | 27th Dec 2021

On the H4, prices are on a bearish momentum and are experiencing a squeeze at our Pivot which is a recent graphical swing high. We see a potential dip from our 1st resistance at 0.68309 in line with 100% Fibonacci extension towards our 1st support at 0.67608 in line with 61.8% Fibonacci extension and 61.8% Fibonacci retracement. With RSI at a level where dips previously occurred and also Ichimoku forecasting a dip, we see potential for further bearish movement. Alternatively, our stop loss will be placed at 2nd resistance at 0.68560 in line with 127.2% Fibonacci extension. Trading Recommendation Entry: 0.68309 Reason for Entry: 100% Fibonacci extension Take Profit: 0.67608 Reason for Take Profit: 61.8% Fibonacci extension and 61.8% Fibonacci retracement Stop Loss: 0.68560 Reason for Stop Loss: 127.2% Fibonacci extensionThe material has been provided by InstaForex Company - www.instaforex.com
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