Growth can resume.

On the 4-hour chart, the pair is approaching a crossover between the 38.2% fan line that acts as an additional resistance to the price, and the level of 0.6650 (23.6% correction). In case of its breakout, the growth is likely to continue to 0.6700 and 0.6736. Otherwise, the pair could fall to the levels of 0.6595 (38.2% correction), 0.6553 (50% correction) and 0.6510 (61.8% correction).

On the daily chart, the price remains near the crossover between the level of 0.6638 (strong level where 38.2% correction for the medium-term trend and 23.6% correction for the short-term trend overlap) and the 38.2% arc. A breakout of the level of 0.6638 could lead to a growth along the 38.2% arc towards 0.6700 (near its crossover with the 50% fan line) and 0.6725 (23.6% correction). A price rebound from the level of 0.6638 might lead to a fall towards 0.6565 (50% correction), and possibly 0.6493 (61.8% correction).

Trading tips

Buy the pair above the level of 0.6650 with targets at 0.6700, 0.6736 and stop-loss at 0.6635.

Alternative scenario

Sell the pair after the price consolidation below the level of 0.6595 with targets at 0.6553, 0.6510 and stop-loss at 0.6620.

NZD/USD: Fibonacci analysis

NZD/USD: Fibonacci analysis




The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.



!-- Go to www.addthis.com/dashboard to customize your tools -->