NZD/USD: 1-hour
Here’s a simple Fib retracement play on NZD/USD’s short-term forex time frame. After breaking below the .7850 support level and dipping below the .7800 major psychological mark, price has pulled back up to the area of interest. This is near the 38.2% and 50% Fibonacci retracement levels, which might act as resistance from now on. Stochastic is still climbing, which suggests that the correction is still taking place and that price could pull up a little bit higher. If you’re thinking of shorting this pair on a pullback, make sure you set your stop past the 61.8% Fib!
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