EuroMotif

NZD.USD spike from RBNZ retracing: NU support zones to watch

EuroMotif Mod Updated   
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
As you know, Kiwi got a boost from RBNZ's "hold" versus a "cut" as expected.
Since that spike, we have had the requisite overshoot before pullback started.
Now we have already lost "Ultra Bull" status, so bulls need to step here in soon.

.63724 - .63752 is a wide support zone with a cluster of Fibs within.
.63610 - .63632 is support and .618 of the spike, should bounce a bit.
.63468 - .63500 is last support of uptrend, really dont want to test it.

During the news release+presser, I made several trades based on "Pivot Points", as shown in this Idea:

See my other recent NU plots:
.634 Bounce Call
.643 Retrace Plot
.635 shorts Target



Comment:
NU bounce minding its fibs quite precisely
But I screwed up a little: I did not fib the last leg down which I have now added (red) that 4.236 was the key to the bounce point.

If I had the red fib on there, I might have mapped the bounce area as two possible zones of interest like this
So it bounced, but it might running out of steam here.
Thinking it will consolidate in the .638-.639 range until London Open.
I do think it will keep climbing, but might need a pullback to recharge.

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Comment:
Still conforming to the fibs PERFECTLY a real beauty here, NU and AU usually are not as compliant ....

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