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NZDUSD Bullish Continuation | 6th Jan 2022

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On the H4, prices are on bullish momentum and consolidating in a wedge pattern. We see the potential for further bullish movement from our 1st support at 0.67892 in line with 61.8% Fibonacci extension and 61.8% Fibonacci retracement towards our 1st resistance at 0.68569 in line with 127.2% Fibonacci extension and 100% Fibonacci extension. Prices are trading above our MA and also within the area of ichimoku clouds, further supporting our bullish bias. Alternatively, our stop loss will be placed at 2nd support at 0.67395 in line with 100% Fibonacci extension.

Trading Recommendation

Entry: 0.67892

Reason for Entry:

61.8% Fibonacci extension and 61.8% Fibonacci retracement

Take Profit: 0.68569

Reason for Take Profit:

127.2% Fibonacci extension and 100% Fibonacci extension

Stop Loss: 0.67395

Reason for Stop Loss:

100% Fibonacci extension

The material has been provided by InstaForex Company - www.instaforex.com

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