NZD/USD halts the decline from earlier this week to hold above the May low (0.5847), with a move/close above the 0.5920 (61.8% Fibonacci extension) to 0.5930 (78.6% Fibonacci extension) region bringing the 0.6040 (61.8% Fibonacci retracement) to 0.6070 (61.8% Fibonacci extension) zone on the radar.
Next area of interest comes in around the July high (0.6120), but the rebound in NZD/USD may turn out to be temporary if it struggles to trade back above the 0.5920 (61.8% Fibonacci extension) to 0.5930 (78.6% Fibonacci extension) region.
A breach of the May low (0.5847) opens up 0.5830 (38.2% Fibonacci retracement), with the next area of interest coming in around 0.5740 (78.6% Fibonacci retracement) to 0.5760 (100% Fibonacci extension).
--- Written by David Song, Senior Strategist at FOREX.com
Next area of interest comes in around the July high (0.6120), but the rebound in NZD/USD may turn out to be temporary if it struggles to trade back above the 0.5920 (61.8% Fibonacci extension) to 0.5930 (78.6% Fibonacci extension) region.
A breach of the May low (0.5847) opens up 0.5830 (38.2% Fibonacci retracement), with the next area of interest coming in around 0.5740 (78.6% Fibonacci retracement) to 0.5760 (100% Fibonacci extension).
--- Written by David Song, Senior Strategist at FOREX.com
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.