Candlestick analysis of NZD / USD for July 14

4h

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Quotations of the pair NZD / USD continued the growth process and fixed over the correction level of 200.0% - 0.7289. However, the bear formation "Falling Star" allows traders to expect a turn in favor of the US currency and a return to the Fibo level of 200.0%. The new bullish formation on July 14 will allow us to count on the resumption of the growth of quotations in the direction of the correction level of 261.8% to 0.7435. The consolidation of the pair's rate below the Fibo level of 200.0% will work in favor of a further drop in quotations in the direction of the correction level of 161.8% - 0.7199.

The Fibo grid is built on extremes from April 24, 2017 and May 11.

Daily

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On the 24-hour chart, after the bovine candlestick formation "Kharami", the quotes executed a turn in favor of the currency of New Zealand and resumed growth in the direction of the correction level of 0.0% -0.7483. The bearish formation will allow traders to expect a reversal in favor of the US dollar and the resumption of the decline in the direction of the correction level of 23.6% - 0.7172. The consolidation of the pair's rate below the Fibo level of 23.6% will increase the likelihood of continuing the decline towards the corrective level of 38.2% - 0.6977.

The Fibo grid is built on extremes from August 24, 2015 and September 8, 2016.

Specification:

Weak candle formations will be marked by the usual text and the size of the arrows.

Strong candle formations will be marked by a more bold text and a larger size of arrows.

The material has been provided by InstaForex Company - www.instaforex.com
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