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Technical analysis for NZD/USD, the pair reached the 0.618 FIB retracement on the monthly chart at 0.6225 and bounced from it, starting a pullback. The first target for the pullback, the 0.382 FIB retracement on the daily chart at 0.6350, was reached. The second target for the pullback in the NZD/USD is the 0.618 FIB retracement on the daily chart at 0.6435. The third target is the 0.382 FIB retracement on the weekly chart at 0.6530, just above we have the previous daily high and the daily 50 EMA at 0.6568.
On the other hand, if the NZD/USD breaks below the low at 0.6288, that will send the price lower toward the previous low on the daily chart at 0.6216.
Looking at the bigger picture, if the NZD/USD closes below the 0.618 FIB retracement on the monthly chart at 0.6225 and below the support at 0.6200, that will extend the bearish trend. The third target for the bearish wave on the weekly chart for NZD/USD is the 2.272 FIB extension at 0.6120. The fourth target is the 2.618 FIB extension on the weekly chart at 0.5950, where we have support and the 0.786 FIB retracement on the monthly chart.
Daily chart:
Weekly chart:
Monthly chart:
