venckusarunas

NZDUSD possible continuation lower?

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
Last big swing since 2009 look like very similar to previous swing (2000-10 - 2009-03), just higher in channel up direction. If consider that it can be the same length - yet 18 month left until same period. Same goes to price - it is in the middle point close to all time high and low Fibonacci 50%. We see two possible support zones at confluence of Fibonacci 61.8%, the trend line and previous historic strong price level of 0.595. And second zone confluence of Fibonacci 78.6% and historic strong price levels of 0.5 and 0.48. And there could happen the correction up to test wide resistance zone in between of 0.75 and 0.72.
Last swing have nice double bottom pattern formed before move down. This is known as strong reversal sign and can stronger and bigger move. The dip in price after double top was sharp as instead of technical pattern - China's economy growth slow down supported that move. And yet we see no signs of China economy growth going back to its previous pace what can support further drop.

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