NZD/USD seems to be coiling within the opening range for June as it bounces back ahead of the monthly low (0.5961).
In turn, a move/close above 0.6070 (61.8% Fibonacci extension) may push NZD/USD toward 0.6170 (50% Fibonacci extension), with the next area of interest coming in around 0.6230 (50% Fibonacci extension) to 0.6260 (38.2% Fibonacci extension).
At the same time, failure to defend the rebound from the weekly low (0.6006) may lead to a test of the monthly low (0.5961), with a move/close below the 0.5920 (61.8% Fibonacci extension) to 0.5930 (78.6% Fibonacci extension) region bringing the May low (0.5847) on the radar.
--- Written by David Song, Senior Strategist at FOREX.com
In turn, a move/close above 0.6070 (61.8% Fibonacci extension) may push NZD/USD toward 0.6170 (50% Fibonacci extension), with the next area of interest coming in around 0.6230 (50% Fibonacci extension) to 0.6260 (38.2% Fibonacci extension).
At the same time, failure to defend the rebound from the weekly low (0.6006) may lead to a test of the monthly low (0.5961), with a move/close below the 0.5920 (61.8% Fibonacci extension) to 0.5930 (78.6% Fibonacci extension) region bringing the May low (0.5847) on the radar.
--- 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.