NZDUSD is reversing from our Pivot point. Potential for a drop!

Description:
Price is reversing from our Pivot point of 0.72345, which is in line with 38.2%, 50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal graphical overlap and descending trendline resistance. A potential drop from here towards our first support level of 0.71714, in line with 61.8% Fibonacci retracement and 127% fibonacci extension. Please note that price is trending within a squeezing triangle and MACD is under the 0 line, in line with our short-term bearish view.

Pivot: 0.72345
Why we like it:
38.2%, 50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal graphical overlap and descending trendline resistance

1st Support: 0.71714
Why we like it:
61.8% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap

1st Resistance: 0.72825
Why we like it:
78.6% Fibonacci retracement, 241.4% fibonacci extension and horizontal swing high resistance.

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