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15.12.2021: Forex Analysis & Reviews: NZDUSD Potential For Dips | 15th Dec 2021

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Prices are on bearish momentum and abiding to our bearish trendline. We see potential for a dip from our 1st resistance at 0.67419 which is a graphical overlap and swing low towards our 1st support at 0.66905 in line with graphical swing low towards our 1st support at 0.66905 in line with 100% Fibonacci extension and 161.8% Fibonacci projection. Technical indicators are showing bearish momentum. Alternatively, our stop loss will be placed at 2nd resistance at 0.67724 in line with 61.8% Fibonacci extension and in line with our descending trendline.

Trading Recommendation

Entry: 0.67419

Reason for Entry:

Graphical overlap and swing low

Take Profit: 0.66905

Reason for Take Profit:

100% Fibonacci extension and 161.8% Fibonacci projection

Stop Loss: 0.67724

Reason for Stop Loss:

61.8% Fibonacci extension and in line with our descending trendline

*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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