NZD/USD rebounding on 61.8% Fibo retracement
MarketsFN Team
•1 min read
The pair touched a 2023 low on the 5th of September when it broke below the 61.8% retracement of the October 2022 – March 2023 uptrend. The slide to new lows was however a fakeout as NZD/USD managed to rise again above the 61.8% level and looks ready for a bullish leg with first test at 0.6036, circa 100 pips from current quotes 0.5930 (+0.24%) and then the 200 day SMA currently in area 0.62.
If bearish forces would continue their selling pressure , below 0.5858 the pair could drop to 0.55, reaching again the lows of the last year.
Volatility on 20 sessions is at almost 2 year low while the RSI(14) is rising and was divergent with prices, since while NZD/USD was making new lows it was getting out from oversold territory.
