NZD/USD seems to be coiling within the opening range for June as it bounces back ahead of the monthly low (0.5961).
In turn, a move/close above 0.6070 (61.8% Fibonacci extension) may push NZD/USD toward 0.6170 (50% Fibonacci extension), with the next area of interest coming in around 0.6230 (50% Fibonacci extension) to 0.6260 (38.2% Fibonacci extension).
At the same time, failure to defend the rebound from the weekly low (0.6006) may lead to a test of the monthly low (0.5961), with a move/close below the 0.5920 (61.8% Fibonacci extension) to 0.5930 (78.6% Fibonacci extension) region bringing the May low (0.5847) on the radar.
--- Written by David Song, Senior Strategist at FOREX.com
In turn, a move/close above 0.6070 (61.8% Fibonacci extension) may push NZD/USD toward 0.6170 (50% Fibonacci extension), with the next area of interest coming in around 0.6230 (50% Fibonacci extension) to 0.6260 (38.2% Fibonacci extension).
At the same time, failure to defend the rebound from the weekly low (0.6006) may lead to a test of the monthly low (0.5961), with a move/close below the 0.5920 (61.8% Fibonacci extension) to 0.5930 (78.6% Fibonacci extension) region bringing the May low (0.5847) on the radar.
--- Written by David Song, Senior Strategist at FOREX.com
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