In analysis of the October 7 I wrote: “Level 0.6500 was dynamically broken and currently the price try to approach August high 0.6700” and “Rebound, which now lasts from 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”. On October 12 level of 0.6700 was tested and afterwards price corrected. which was stopped at the trend line extending from 28 September (the red line on the chart).

Today there was a strong upward movement and price broke above resistance. The nearest target of upward movement is 0.6800. At this level, in addition to Fibonacci retracement, there is also crucial support from 2010 which now acts as a resistance. At this point we should see a rebound, which is likely to be stopped around 0.6670 – 0.6700 (new support connected with upward trend line). If the bulls break above 0.6800 next resistance will be around 0.6980 – 0.7000. There is a 50% Fibo and support from the 2009 and 2010.

NZDUSD-H4

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