FX.co ★ NZD/USD Analysis for November 7, 2012

Daily

The rate has consolidated above the correctional level 76.4% - 0.8229 of Fibonacci after a long-term flat; it enables the rate to grow towards the next level of correction 100.0% - 0.8469 of Fibonacci. The formation of bearish candlestick pattern allows the pair to swing to the US dollar and consolidate under the level of correction 76.4% or to reverse to that level. If the first opportunity is seen the pair may resume flat or try to drop towards the level of correction 61.8% - 0.8083. A bullish harami pattern continues to influence the market; it weighted against the NZD/USD pair. As a result, the rate has consolidated above the correctional level 76.4% of Fibonacci.

4h

On the 4H chart the New Zealand dollar consolidated against the US dollar above the level 23.6% - 0.8251 of Fibonacci on Tuesday. After it the rate consolidated under the level of 23.6% and the next bullish candlestick may close above that level. The candlestick patterns were not formed yesterday. Thus, the rate’s growth towards the New Zealand currency may continue to the level of correction 0.0% - 0.8355. A one more consolidation of the New Zealand dollar under the level 23.6% of Fibonacci enables the pair to resume the fall to 38.2% - 0.8187 of Fibonacci. It is probable that the quotes growth will be observed on the both charts.