NZD/USD: opportunity for bulls at key Fibo zone
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Bulls are trying to gain traction in the NZD/USD pair around 0.7227; a level which coincides with the 61.8% Fibonacci retracement area and it could give a boost to the Kiwi in order to resume the upside’s trend. If that happens, we could project the first target around 0.7324 and this scenario is likely to happen given to the fact that 200 SMA is hovering around the Fibo zone mentioned above.
To the downside, if June 15th lows give up to the bearish bias, we might expect a downside acceleration towards 0.7163 and 0.7131; levels that are part of the Fibonacci expansion plotted during all the cycle started and finished on June 15th.
