NZDUSD H4 | Bearish reversal

TitleNZDUSD H4 | Bearish reversalTypeBearish ReversalPreference:Price has reversed from the pivot point of 0.62198 which is an overlap resistance that aligns with the 61.8% Fibonacci retracement level; we could see momentum carry price down to its 1st support at 0.61318 which is an overlap support that aligns with a confluence of Fibonacci levels i.e. to the 78.6% retracement and 61.8% projection levels.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 0.62741 which is a swing-high resistance.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.