Tickmill

NEW ZEALAND DOLLAR FUTURES (6N1!), H1 Potential for Bearish Drop

CME:6N1!   NEW ZEALAND DOLLAR FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
Type : Bearish Momentum
Resistance : 0.62475
Pivot: 0.61855
Support : 0.61190

Preferred Case: On the H1, with price moving below the ichimoku cloud and within the descending channel , we have a bearish bias that price will rise and drop from the pivot at 0.61855 in line with the pullback resistance, 78.6% fibonacci projection , 61.8% fibonacci projection and 50% fibonacci retracement to the 1st support at 0.61190 where the 127.2% fibonacci extension and 61.8% fibonacci projection are.

Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 0.62475 where the swing high resistance and 127.2% fibonacci extension are.

Fundamentals: No Major News

This analysis is provided as general market commentary and does not constitute investment advice.
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