61.8-78.6% Correction Zone on NZD/USD

61.8-78.6% Correction Zone on NZD/USD

Since the beginning of this month, the bullish sentiment has prevailed on the NZD/USD currency pair. New Zealand dollar set new local highs. At the moment, the trading instrument is testing the 61.8-78.6% correction zone. The NZD/USD currency pair has the potential for further recovery after a continuous fall. The local resistance is the level of 0.63400. We recommend paying attention to this situation.

If the price fixes above the level of 0.63400, NZD/USD purchases should be considered. The immediate goal for profit-taking is 0.63700. The movement is tending to 0.63900-0.64100. Confirmations and market entry points should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustMarkets 2019.09.17

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.


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