The NZD/USD pair broke down significantly during the week, slicing through the symmetrical triangle that we had been in for some time. The 50% Fibonacci
The NZD/USD pair broke down significantly during the week, slicing through the symmetrical triangle that we had been in for some time. The 50% Fibonacci retracement level is offering support, and is an area where we had seen quite a bit of noise in 2015. Because of this, I think longer-term trading is going to be difficult, but I think short-term traders may try to play a little bit of a bounce. If we break down from here, I think the 61.8% Fibonacci retracement level near the 0.67 handle will be the next target if we do breakdown.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
