- NZD/USD is now in the corrective territory around 0.6200/50.
- The price has made a 61.8% Fibonacci retracement of the 4-hour bearish impulse.
- If the bulls keep control, then a breach of 0.6280 opens the risk of a run through 0.6300.
As per prior analysis, NZD/USD bears are waiting to move in to keep pressures on below 0.6300, the price dropped as per the forecast following the speculated trajectory as follows:
NZD/USD prior analysis
”Meanwhile, there are prospects of a move lower:
While below resistance, the odds are for a move into the low 0.62s following the break of structure. a correction is in process currently, but if bears commit, say below 0.6300, then a sell-off from the region of a 50%, 61.8% ratio could be on the cards for the day ahead.”
NZD/USD update
NZD/USD is now in the corrective territory around 0.6200/50 after reaching the -0.618% Fibonacci target area.
The price has made a 61.8% Fibonacci retracement of the 4-hour bearish impulse but has since started to decelerate. However, given the momentum in the correction, if the downside is to play out, it could be a staggard and slow process as the bears and bulls go head to head in a barroom brawl between the lows and 0.6250. If the bulls keep control, then a breach of 0.6280 opens the risk of a run through 0.6300 and from that point, things will start to look bullish towards 0.6400:
This article was originally published by Fxstreet.com.Read the original article here.
