FX:NZDUSD New Zealand Dollar/U.S. Dollar
The Kiwi Dollar is struggling with the 2.618 fib retrace drawn from July's price action ( .7857). This is a very strong level which will decide if this pair will continue much further to the side reaching the fib level of 5.0 or will attemp a retrace back into the area of 0.8184 or even further of .8370. Watch the Least Square which are set to 7 days, 30 days and 90 days. The current 7 day value is trapped between the 30 and 90 periods indicating compression, especially near this price level. With the 30 period still well below the 90 period, selling any closing daily candles within a full amount of daily trading range would be my bias. Two areas highlighted with ellipses indicate projected launching points for the next strong move occurring in the area of Nov. 7. Price closing outside the orange upward sloping pitchfork deviation of 7.0 is usually a strong sign to sell in this particular scenario.