NZD/USD hovering around a key support area

NZD/USD hovering around a key support area

NZD/USD has been taking a break around a demand zone established by our Fibonacci projections between the 0.7152 and 0.7118 levels. Currently, the pair is duplicating a cycle started from August 21st and looks forward to do another leg lower towards 0.7118. However, because of fractal nature of the market, Kiwi could start to rebound on its way to the 0.7207 level, at which lies the 200 SMA at H1 chart.

RSI indicator is slightly below the 50 level, favoring to more downside in the pair.

NZDUSDmH1.png

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