NZD/USD H4 | Potential bearish breakout

Alvard Updated   
OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
NZD/USD is falling towards a potential breakout level and could drop lower from here.

Sell entry is at 0.59833 which aligns with the 38.20% Fibonacci level.

Stop loss is at 0.60013 which is a level that aligns with the 23.60% Fibonacci retracement level.

Take profit 1 is at 0.59543 which is close to the 61.8% Fibonacci level. Risk/Reward Ratio: 1 : 1.61

Take profit 2 is at 0.59337 which aligns close to the 78.6% Fibonacci level. Risk/Reward Ratio: 1 : 2.76

Total risk 1.24%

High Risk Investment Warning
Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you.
Order cancelled:
Trade canceled. Price retraced to Stop Loss before Sell Entry hit.

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