NZD/USD approaching support, potential bounce!

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Price is approaching its support where we expect to see a bounce up to its resistance.

Entry : 0.6558

Why it’s good : 61.8% Fibonacci retracement, 61.8% Fibonacci extension, horizontal pullback support

Stop Loss : 0.6537

Why it’s good : 76.4% Fibonacci retracement

Take Profit : 0.6587

Why it’s good : Horizontal swing high resistance, 23.6% Fibonacci retracement

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