Technical analytics

Fibonacci analysis of NZD/USD


The NZDUSD pair had a deep fall on Wednesday. Sellers sent the pair to the 0.6600 area where they lost momentum. The exchange rate recovered to 0.6650 first where bulls used the 61.8% Fibonacci retracement as a springboard and jumped to 0.6700 where the Fibo mark of 50.0% stopped them. The EMA50 is also located here and was another barrier which limited buyers' advance. The moving averages are heading south. MACD grew which is a buy signal. The RSI oscillator moved upwards. The resistance stands at 0.6650, the support is at 0.6600.

The technical picture supports that the strong sell-off is likely to continue in the short-term. When sellers are back, they will move the price to 0.6600.