Title
NZDUSD H4 | Potential Bullish Divergence
Type
Bullish Bounce
Preference:
Pirce is currently at our pivot point of 0.60064 which is a swing low support level. A bounce off from here, price could rally to 1st resistance at 0.61116 which is a pullback resistance level
Alternative scenario:
However, if price breaks below the pivot, it could fall to 1st support at 0.58393 which is a pullback support level
Moreover, the RSI is displaying bullish divergence versus price, suggesting a potential bullish reversal in the market.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.