After reaching the 61.80% Fibonacci retracement level, the currency pair took a dive south and moved past the monthly pivot point at 0.7293. The bearish sentiment might be in play for today's trading session. However, the fall might be stopped by the weekly S1 at 0.7243 where the lower boundary of a channel down is located.
0.7150 is seen as a short-term bear target, while the bull target remains the double top at 0.7433.
Chart: NZD/USD H4
It's quite bearish for now, indeed.
ReplyDeleteI completely agree with your assessment.
ReplyDeletePotential double top in the making!
ReplyDeleteThat's good to know, thanks.
ReplyDeleteVery good assessment, will keep it in mind.
ReplyDeleteThere is still space for further decline
ReplyDelete