50.0%-61.8% Correction Zone on NZD/USD

50.0%-61.8% Correction Zone on NZD/USD

At the end of April, aggressive purchases were observed on NZD/USD. The trading instrument has set new local highs. At the moment, the NZD/USD quotes are testing the 50.0%-61.8% correction zone. The New Zealand dollar is tending to recover. The local resistance is the mark of 0.66400. We recommend paying attention to this situation.

If the price fixes above 0.66400, you should consider buying NZD/USD. The immediate goal for profit taking is the "mirror" resistance level of 0.66600. The movement is tending to 0.66800-0.67200. When tracking positions, we recommend using a trailing stop.

by JMarkets 2019.05.02

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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