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NZDUSD, Fibonacci Levels Analysis

12/30/2022 1:56 PM

NZD/USD, H4

On the 4-hour chart, the price is correcting upwards against the downtrend and is currently trying to consolidate above 0.6332 (38.2% retracement) to continue moving towards 0.6360 (50.0% retracement), 0.6390 (61.8% retracement). The key "bearish" level is 0.6298 (correction 23.6%) below the middle line of Bollinger bands, the breakdown of which will allow the instrument to return to the point of the initial growth of 0.6240 (correction 0.0%).

The short-term upward trend continues, which is indicated by an increase in the MACD histogram in the positive zone. However, Stochastic is pointing downwards, not excluding a correction, but its potential seems limited.


NZD/USD, D1

On the daily chart, the price reached 0.6245 (correction 23.6%), from which it resumed growth as part of a medium-term uptrend. Currently, the quotes are testing the middle line of Bollinger Bands at 0.6350, consolidation above which will increase the probability of the price returning to the 0.6460 area (correction 0.0%) and further growth up to 0.6800 (Fibonacci extension 61.8%). The key "bearish" level is 0.6245. After the consolidation below it, the downward dynamics may develop to 0.6115 (correction 38.2%).

At the moment, Bollinger bands and Stochastic are directed upwards. The MACD histogram is stable in the positive zone.


Soon, further price growth seems more likely. Its targets may be 0.6390 (correction 61.8%, H4) and 0.6460 (correction 0.0%, D1). If the quotes consolidate below 0.6298 (correction 23.6%, H4), the trading instrument is likely to move to the area of 0.6240 (correction 0.0%, H4 and 23.6%, D1) and 0.6115 (correction 38.2%, D1).

Resistance levels: 0.6350, 0.6390, 0.6460. | Support levels: 0.6298, 0.6240, 0.6115.

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