After hitting the 50.00% Fibonacci retracement level, the currency pair made a U-turn north. However, the 200– hour simple moving average was restricting the rate from making any further gain. This retracement can be measured by connecting the high at 0.7263 and the low at 0.7154.
As for near future, the currency exchange rate is likely going to continue its bullish movement until it breaches the monthly pivot point at 0.7261.
The 200SMA acts like a strong support at 0.7181 and if that level is breached we could see the pair visit the psychological level of 0.7000.
NZD/USD
It broke out above 0.7261.
ReplyDeleteGood posts, very helpful for all traders.
ReplyDeleteI agree with your assessment.
ReplyDeleteExcellent analysis as always!
ReplyDeleteVery helpful analysis.
ReplyDeleteThat's good to know, thanks.
ReplyDelete