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

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