Will 61.8% Fibonacci Level Hold on NZD/USD?

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NZD/USD Daily

NZD/USD Daily

Well, there goes the 200 SMA on the daily chart of NZD/USD. Following yesterday’s dovish remarks from the Reserve Bank of New Zealand, the currency pair dropped below support on the .8600 handle. But don’t get too excited on selling the Kiwi just yet. The pair is currently testing support on the 61.8% Fibonacci retracement level. If it doesn’t hold, the 100 SMA may also offer the pair with support.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com.

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