Daily
The New Zealand dollar has been trading in the range 76.4% - 0.8229 to 61.8% - 0.8083 of correctional levels of Fibonacci against the dollar for a couple of weeks. After the bullish engulfing pattern was formed the rate reversed to the level of correction 76.4%. As a result, a rebound and turn in favor of U.S. dollar may occur. Then, the drop towards the level of correction 61.8%, which has not been reached yet, may resume. The bearish harami, which was built, enables the pair to rebound from the level of correction 76.4%. The unexpected rate’s consolidation above the correctional level of Fibonacci 76.4% enables the rate to rise towards 100.0% - 0.8469 of Fibonacci.
4h
On the 4H chart, after the bullish harami was built, the rate consolidated above the correctional level of Fibonacci 38.2% - 0.8187. As a result, the pair has an opportunity to continue an upward move towards the level of correction 23.6% - 0.8251. However, a bearish candlestick formation shooting star was built; it may enable the pair to turn in favor of the U.S. dollar and a drop towards the level of correction 38.2% may start. If the rate does not break through the top of the formation, then the possibility of a drop increases. The consolidation of rates above the level of Fibonacci 23.6% enables the pair to continue growth towards the level of correction 0.0% - 0.8355; especially if it coincides with the consolidation of the rate above 76.4% of Fibonacci on a daily chart.
The material has been provided by Instaforex Company - instaforex.com
For detail explanation and best discovery on market trends you may visit via NZD/USD Analysis for October 29, 2012 . Thanks for your support on NZD/USD Analysis for October 29, 2012
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