Good day traders! This year’s sell-off in the NZD/USD currency pair has recently reached a confluence of multiple market geometry lines and price is currently bouncing higher.
If last week’s low holds, then we could see a retest of the 0.6196 price level which was a previous support level back in August 2015 and September 2019. Should price break above that level, then the NZD/USD could trade as high as the 0.618% and 0.786% Fib retracement levels measured form the previous swing lower.
I cannot rule out another test of last week’s low, but NZD/USD might be in for a decent bounce higher or perhaps even start a new trend higher over the next few weeks.
More updates to follow.
Targets: 0.6196 and 0.6264
Until next time, have a great day and stay safe!