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13.01.2022: Forex Analysis & Reviews: NZDUSD Bearish Dip | 13th Jan 2022

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On the H4 timeframe, prices have broken out of our bearish trendline. We see potential for prices to dip further from our 1st resistance at 0.68574 in line with 78.6% Fibonacci retracement towards our 1st support at 0.67963 in line with 50% Fibonacci retracement. Our bias is further supported by ichimoku clouds forecasting the dip and RSI is at an all time high. Our stop loss will be placed at 0.68958 in line with 38.2% Fibonacci retracement. If prices break our 1st support, prices can potentially dip towards our 2nd support at 0.67396 in line with 100% Fibonacci retracement.

Trading Recommendation

Entry: 0.68574

Reason for Entry:

78.6% Fibonacci retracement

Take Profit: 0.67963

Reason for Take Profit:

50% Fibonacci retracement


Stop Loss: 0.68958

Reason for Stop Loss:

38.2% Fibonacci retracement

*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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