After forming a pattern which looks like a triple bottom at 0.6240, NZDUSD moves up. Level 0.6500 was dynamically broken and currently the price approaches August high at 0.6700. NZDUSD moves in a downward trend and since April 2015 to August price moved from 0.7740 to 0.6230 without rebound. Rebound, which now lasts for two weeks have a chance to correct at least 38.2% of downward movement. Level 38.2% is a basic Fibonacci level in this situation it is pointed at 0.6800.

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Wider view, time-frame W1

The situation is worse at weekly intervals. Last year brought a strong downtrend, and the level of 0.6570 is the resistance established by 2010 lows. For this reason the current rally still should be regarded as a rebound.