NZD/USD extends the rebound from the start of the month to register a fresh weekly high (0.5968), and a close above the 0.5920 (61.8% Fibonacci extension) to 0.5930 (78.6% Fibonacci extension) region may push the exchange rate toward the 0.6040 (61.8% Fibonacci retracement) to 0.6070 (61.8% Fibonacci extension) zone.
A breach of the July high (0.6120) opens up the 0.6170 (50% Fibonacci extension) to 0.6190 (78.6% Fibonacci retracement) area, but lack of momentum to close above the 0.5920 (61.8% Fibonacci extension) to 0.5930 (78.6% Fibonacci extension) region may push NZD/USD back toward the monthly low (0.5857).
A breach of the May low (0.5847) brings 0.5830 (38.2% Fibonacci retracement) on the radar, 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
A breach of the July high (0.6120) opens up the 0.6170 (50% Fibonacci extension) to 0.6190 (78.6% Fibonacci retracement) area, but lack of momentum to close above the 0.5920 (61.8% Fibonacci extension) to 0.5930 (78.6% Fibonacci extension) region may push NZD/USD back toward the monthly low (0.5857).
A breach of the May low (0.5847) brings 0.5830 (38.2% Fibonacci retracement) on the radar, 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.