NZD/USD reaches 38.20% fibo

Contrary to expectations of the analyst, the New Zealand Dollar was guided by bullish forces on Wednesday. This decline was not significant due to a nearby resistance level.

After the currency pair hit the 38.20% Fibonacci retracement level, the price began to depreciate. By the middle of Thursday's trading session, the pair was bouncing between SMAs. This retracement can be measured by connecting the low at 0.6855 and the high at 0.6987.

Technical indicators remain bearish for the second consecutive session. Everything being equal, the exchange rate could move past the 55– hour simple moving average today.

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