You are here: Home > articles > Forex > Technical Analysis – NZDUSD attempts to break above 61.8% Fibonacci
Technical Analysis – NZDUSD attempts to break above 61.8% Fibonacci
September 20, 2023 7:27 amVideo
Latest News
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
NZDUSD halts decline at a fresh 9-month low of 0.5858
Hovers around 61.8% Fibonacci retracement of the 0.5510-0.6535 upleg in the past three weeks
Positive momentum is picking up, increasing odds for an upside violation of the recent range
NZDUSD had been stuck in a downtrend after posting a five-month high of 0.6410 in mid-July, which resulted in a fresh nine-month low on September 5. Since then, the pair has been consolidating around the 61.8% Fibo of 0.5902, with the momentum indicators currently pointing to an impending upside move.
Should buying interest intensify and the pair profoundly closes above the 61.8% Fibo of 0.5902, immediate resistance could be found at the 50.0% Fibo of 0.6023. Failing to halt there, the price might then ascend towards the 38.2% Fibo of 0.6144. Further advances could then cease at the 23.6% Fibo of 0.6294.
Alternatively, bearish forces could send the price to revisit its recent nine-month bottom of 0.5858. Diving below that territory, the pair could slide towards the 78.6% Fibo of 0.5730. A violation of that region could open the door for the September 2022 support of 0.5598.
Overall, NZDUSD is showing signs of life after a period of directionless trading. However, the bulls should not get excited unless the price clearly claims the 61.8% Fibo of 0.5902.
Related Posts: