NZD/USD: 1-hour
If you think the trend is your friend, then you might like this setup on NZD/USD’s 1-hour forex chart better. The pair has been moving in a steady downtrend, with a falling trend line connecting the recent price highs. However, price seems to be in the middle of a retracement and a potential test of the trend line. Using the Fib tool on the latest swing high and low indicates that the 61.8% Fibonacci retracement level lines up with the trend line and the .8350 minor psychological mark. If this area holds as resistance, NZD/USD might tumble down to its previous lows or even create new ones.
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