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NZDUSD rises above 0.6900 for first time in five months

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    NZDUSD broke above a key resistance level on Wednesday, closing above 0.6900 for the first time in five months. The pair also tested a key Fibonacci level at 0.6941– the 50% retracement level of the decline from 0.7743 to 0.6139 (April to August 2015 decline). After hitting a 9-month high of 0.6964 yesterday, the pair reversed back down and fell below the 50% Fibonacci. Support lies at 0.6754, around where the 38.2% Fibonacci level exists. This is an important support level since it is where

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