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NZD/USD Rally to Continue? (October 18, 2013)
NZD/USD staged a very strong rally yesterday on the heels of the approval of the debt ceiling deadline extension and the end of the U.S. government shutdown.
The pair found resistance around the .8500 mark and may need to retrace before heading any higher. With that, the pair could pull back to the .8300 area, which is in line with the 61.8% Fibonacci retracement level on the latest swing low and high on the 1-hour time frame.
Stochastic is already in the oversold region, suggesting a bounce might happen soon. The 38.2% Fib might also hold as support if the retracement is shallow. There’s a potential bullish divergence too, as price made higher lows while stochastic has lower lows.
Going long at the .8400 handle with a stop below .8300 and a target of new highs would make a good return on risk.
By Kate Curtis from Trader's Way
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