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NZD/USD: Fibonacci analysis

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A downward movement is likely to continue. On the 4-hour chart, the pair is trading near the 61.8% correction (0.6330), close to its crossover with the 61.8% arc. The breakout of this crossover may allow the price to grow further to 0.6353 (50.0% correction), 0.6376 (38.2% correction) and 0.6405 (23.6% correction). However, the more likely is a downward movement further to 0.6300. The consolidation below this level may lead to a decline towards 0.6255-0.6240. On the daily chart, the price resumed its decline and is likely to test the key support at 0.6255. During this month, the pair has already made several attempts to break down this level. Trading tips Short positions can be opened below the level of 0.6300 with targets at 0.6255, 0.6240 and stop-loss at 0.6320. Alternative scenario Long positions become valid after the consolidation above the level of 0.6330 with targets at 0.6353, 0.6376 and, possibly, at 0.6405, and stop-loss at 0.6310.  

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