Daily
Having formed bearish Shooting Star candlestick, the pair managed to fix below the correction level of 61.8% - 0.8084 Fibonacci. That is why the quotes fall may extend during the upcoming days towards correction level of 50.0% - 0.7963. We did not see any new candlestick formations. In case there is a bullish one, the trend may reverse to the good of NZD and start its growth towards correction of 61.8%. From 50.0% level the pair may rebound with the following rise in the same direction. If the quotes fix above 61.8%, they may grow until 76.4% - 0.8228 Fibonacci.
4h
We can see the daily fall on the 4-hour time frame as well. The trend is fixed below Fibonacci correctional level of 76.4% - 0.8049. However, there is a possibility that this breakthrough is false. If the pair makes a turn and fixes above this level, such concerns will not be proved. In this case the quotes may continue to grow towards 100.0% - 0.8232. Here we also have Bearish Harami which affects the candlesticks and allows fixing above 76.4%. A new candlestick formation may prevent the pair from overcoming 76.4% level. While if we see a bullish formation, the growth is most probable. In case the quotes are left below 76.4%, they may fall further towards 61.8% - 0.7935.
