NZD/USD retraces the decline from the start of the week to register a fresh monthly high (0.5996), and a move/close above the 0.6040 (61.8% Fibonacci retracement) to 0.6070 (61.8% Fibonacci extension) zone may lead to a test of the July high (0.6120).
Next area of interest comes in around 0.6170 (50% Fibonacci extension) to 0.6190 (78.6% Fibonacci retracement) area, but a move/close below the 0.5920 (61.8% Fibonacci extension) to 0.5930 (78.6% Fibonacci extension) region may push NZD/USD toward the monthly low (0.5857).
Failure to defend 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 0.6170 (50% Fibonacci extension) to 0.6190 (78.6% Fibonacci retracement) area, but a move/close below the 0.5920 (61.8% Fibonacci extension) to 0.5930 (78.6% Fibonacci extension) region may push NZD/USD toward the monthly low (0.5857).
Failure to defend 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.