FX.co ★ The candlestick analysis for NZD/USD for 15/06/2010

Earlier, on 4-hour chart, NZD/USD set the bearish candle “Shooting Star”. Besides, this candle shaped around strong resistance level of 0.7040, where the bulls did not managed to fixate and the bears started to gain their influence and a pullback took place after uprising movement.
It is expected that the pair will be able to move downwards to the mark of 0.6800, where Fibonacci correction level of 50.0 is also placed. If this level is broken, NZD/USD will take aim at Fibonacci correction level of 61.8. On the other hand, if the resistance level of 0.7040 is broken out, then short positions should be closed because it will open the way to 0.7300.