NZD/USD snaps the recent series of higher highs and lows as it pulls back from a fresh yearly high (0.6120), and lack of momentum to hold above the 0.6040 (61.8% Fibonacci retracement) to 0.6070 (61.8% Fibonacci extension) zone may push the exchange rate toward the June low (0.5883).
Failure to defend the May low (0.5847) may lead to a test of 0.5830 (38.2% Fibonacci retracement), but NZD/USD may further retrace the decline from last year should it continue to close above the 0.6040 (61.8% Fibonacci retracement) to 0.6070 (61.8% Fibonacci extension) zone.
Need a move/close above the 0.6170 (50% Fibonacci extension) to 0.6190 (78.6% Fibonacci retracement) region brings the 0.6230 (50% Fibonacci extension) to 0.6260 (38.2% Fibonacci extension) zone on the radar, with the next area of interest coming in around the October high (0.6351).
--- Written by David Song, Senior Strategist at FOREX.com
Failure to defend the May low (0.5847) may lead to a test of 0.5830 (38.2% Fibonacci retracement), but NZD/USD may further retrace the decline from last year should it continue to close above the 0.6040 (61.8% Fibonacci retracement) to 0.6070 (61.8% Fibonacci extension) zone.
Need a move/close above the 0.6170 (50% Fibonacci extension) to 0.6190 (78.6% Fibonacci retracement) region brings the 0.6230 (50% Fibonacci extension) to 0.6260 (38.2% Fibonacci extension) zone on the radar, with the next area of interest coming in around the October high (0.6351).
--- 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.