Daily
The NZD/USD rate closed with bullish candlestick pattern on Wednesday. At the same time the quotes consolidation under the correctional level of Fibonacci 76.4% - 0.8230 gives us the reason to consider the rate continues its descending movement towards the correctional level of 61.8% - 0.5081. The candlestick formations Counterattack lines and Engulfing Pattern on these sections, while many candlesticks open and close approximately at the same levels, do not influence the market. Giving the consolidation of quotes under the level of correction 61.8% we may expect the rate continues its down move towards the level of correction 50.0% - 0.7963. Consolidation of the quotes above the Fibonacci level 74.6% of Fibonacci gives the pair possibility to resume ascending move towards the correctional level of 100.0% 0 0.8471.
4h
On the 4H Chart the NZD/USD rate has fixed above the correctional level of Fibonacci 38.2% - 0.8187 after the bullish engulfing pattern was built. However, the pair paused and the next 4 candlesticks opened and closed at the same level. The consolidation above the level 38.2% Fibonacci makes a rate growth towards the correctional level 23.6% - 0.8251 of Fibonacci possible. The building of bearish candlestick formation may enable the pair to make a swing in favour of USD and fall towards the correctional level of 38.2%. We may observe the rebound from the correctional level 23.6% of Fibonacci and a swing in favour of USD could be seen.
The material has been provided by Instaforex Company - instaforex.com
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