FX.co ★ NZD/USD Candlestick Analysis for 28 August

Daily

NZD fixed above the correction level 61.8% - 0.8080 of Fibonacci against the USD. However, it formed a bearish Shooting Star candlestick which resulted in the quotes downward move and fall towards 61.8%. If the currency holds below this level, the decrease may extend towards the following level of correction 50.0% - 0.7961. But in case the trend will rebound from 61.8%, the initial growth towards 76.4% - 0.8229 correction may be restored. Bullish candlestick formation may contribute to the quotes rebound, especially near 61.8% correction level.

4h

4 hour time frame indicates the quotes growth but with frequent falls against this acceleration which are easily forecasted by candlestick formations though. On the whole, the trading dynamics was lost during the last week. At the moment we can observe bullish Moring Star candlestick. However, the situation did not change after its formation due to soft trading. Today we can count for the new upward jump towards 100.0% - 0.8232 of Fibonacci. But bullish formation may be ahead of it in case it is formed. If we see a bearish formation, the pair may increase its chances of quotes rebound to the good of the dollar and start its downward move towards 76.4% - 0.8048 of Fibonacci.