Technical analytics

Fibonacci analysis of NZDUSD


The NZD/USD pair was on a recovery mode yesterday. Buyers controlled the pair from the early Asian session. They broke the 0.6750 level (the Fibo level of 38.2%) and headed towards 0.6800. The major never reached this level this day. The upward pressure lost legs in the 0.6780 area. The spot faced selling rejection here and declined to 0.6760 after that. The NZD spent a few hours here before it continued its sell-off. The EMA50 moved lower, while the EMA200 accelerated its incline. MACD grew in the negative territory, pointing to sellers' weakness. Stochastic left the oversold levels. The resistance stands at 0.6800, the support is at 0.6750.

Pullbacks are expected to remain corrective. The spot may retrace another portion of its losses and touch 0.6850, the level of Fibonacci 23.6%.