NZD USD
The pair Broke above initial barriers at 0.6370/87, near-term consolidation range top / 01 Sep lower top / Fibonacci 38.2% of 0.6503/0.6310, 28 Aug / 02 Sep downleg. Initial bullish signal was given by this action that also cracked psychological 0.6400 barrier and 50% of the downleg.
Hourly structure turned positive, after the pair formed near-term base at 0.6310 zone, however, north-heading 4-hour indicators are still in negative territory and signal limited upside action, as overall picture remains firmly bearish.
If the pair sustains break above 0.64 barrier, immediate resistance comes at 0.6438, falling daily 10SMA, ahead of 0.6461, Fibonacci 38.2% of larger 0.6706/0.6310 downleg. Extended rallies should be capped at 0.65 barrier that was former 5-week base and consolidation floor, also 50% retracement, reinforced by falling daily 20SMA.
Only sustained break here would neutralize near-term bears and signal stronger near-term recovery.
Res: 0.6400; 0.6438; 0.6461; 0.6500
Sup: 0.6360; 0.6320; 0.6310; 0.6244
The pair Broke above initial barriers at 0.6370/87, near-term consolidation range top / 01 Sep lower top / Fibonacci 38.2% of 0.6503/0.6310, 28 Aug / 02 Sep downleg. Initial bullish signal was given by this action that also cracked psychological 0.6400 barrier and 50% of the downleg.
Hourly structure turned positive, after the pair formed near-term base at 0.6310 zone, however, north-heading 4-hour indicators are still in negative territory and signal limited upside action, as overall picture remains firmly bearish.
If the pair sustains break above 0.64 barrier, immediate resistance comes at 0.6438, falling daily 10SMA, ahead of 0.6461, Fibonacci 38.2% of larger 0.6706/0.6310 downleg. Extended rallies should be capped at 0.65 barrier that was former 5-week base and consolidation floor, also 50% retracement, reinforced by falling daily 20SMA.
Only sustained break here would neutralize near-term bears and signal stronger near-term recovery.
Res: 0.6400; 0.6438; 0.6461; 0.6500
Sup: 0.6360; 0.6320; 0.6310; 0.6244
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