NZD/USD May Find Support Near 61.8% Fibonacci Levels

I see a trading opportunity with the NZD/USD at or near 0.6400. Why at .6400?
Because that’s also a 61.8% Fibonacci Retracement level. Price usually find support at that level and retrace back to its original direction. This is a very strong Fibonacci level.

If you look at the chart below, you will see that the current price is at 0.6631. That means, current price need to fall another 230 pips to touch that level. At this point, we need to wait patiently to see how far down NZD/USD can go from this current level.

I am not expecting any big move either way in the next few days as we are close to the end of the month. But I will watch New Zealand Business Confidence report, which is due on Thursday Jul 30th. at 9 p.m. EST. Previous month it was -2.3. Any negative news will bring this currency pair further down, but on the other hand positive news will move this higher.

In my opinion, .6400 will be an ideal place to go long if you have patience.

NZDUSDWeekly

NZD/USD weekly chart. Click on the chart to enlarge.

calendar

Economic Calendar. Click on the image to enlarge.

 

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