#NZDUSD is at pivot, potential for a drop

Price is reacting below our pivot level at 0.69000 which is in line with 38.2% Fibonacci retracement level and horizontal overlap resistance. Price could potentially pull-back to support at 0.68550 which coincides with 38.2%, 50% Fibonacci retracement level and 20EMA. Stochastic is also at descending trendline resistance for a possible pull-back.
Alternatively, if price bounce towards resistance at 0.69280, which coincides with 50% Fibonacci retracement level and 127.2% Fibonacci extension level.

Pivot:
0.69000

Why we like it:
38.2% Fibonacci retracement level and horizontal overlap resistance

1st Support:
0.68550
38.2%, 50% Fibonacci retracement level and 20EMA

1st Resistance:
0.69280
50% Fibonacci retracement level and 127.2% Fibonacci extension level

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