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10.11.2022 10:59 AM
NZDUSD Potential for Bullish Momentum | 10th November 2022

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On the H4 chart, as the price is moving above ichimoku cloud and ascending channel, the price may drop to the 1st support at 0.58423, where the 61.8% fibonacci retracement is and rise to the 1st resistance at 0.59993, where the swing high and 127.2% fibonacci extension are. Alternatively, the price may drop to the 2nd support at 0.57421, which is in line with the previous swing low.

Trading Recommendation

Entry: 0.58423

Reason for Entry:

61.8% fibonacci retracement

Take Profit: 0.59993

Reason for Take Profit:Swing high and 127.2% fibonacci extension

Stop Loss: 0.57421

Reason for Stop Loss:

Previous swing low.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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