Daily
The New Zealand dollar still cannot consolidate above the correctional level 76.4% - 0.8230 of Fibonacci against the dollar and it is near the greenback for a fifth consecutive day. The formation of two bearish patterns has not influenced the market yet. The pair can neither turn in favor of the U.S. dollar nor continue the growth in favor of the New Zealand dollar. If the rebound from the correctional level 76.4% of Fibonacci is observed, then it may enable the drop towards the level of correction 61.8% - 0.8083. The consolidation of the rate above the correctional level of 76.4% can make possible the continuation of growth towards the correctional level of Fibonacci 100.0% - 0.8471. The next formation of a bearish candlestick pattern gives a chance to wait for a rebound. However, having two harami patterns we do not have it.
4h
The rebound from the correctional level 38.2% - 0.8187 of Fibonacci enabled the pair to turn in favor of the New Zealand dollar on the H4 and to start the next uptrend towards the level of correction 23.6% - 0.8251. On the daily chart this correctional level of 76.4% of Fibonacci may hinder the growth considerably as it has not been broken trough for a fifth consecutive day. Thus, the pair may turn in favor of the U.S. dollar on the H4, even if it has not reached the correctional level 23.6% of Fibonacci. Two bearish harami patterns were built; it may influence the price swing towards U.S. dollar and drop towards 38.2% of Fibonacci. If the pair consolidates above the correctional level 23.6% of Fibonacci on both charts, then the continuous growth of the rate towards the level of 0.0% - 0.8355 of Fibonacci.
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 31, 2012 . Thanks for your support on NZD/USD Analysis for October 31, 2012
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