FX.co ★ NZD/USD

Hello traders, NZD/USD has long ago formed an internal pattern by rising from the 50% Fibonacci retracement support to the 9% resistance. The price managed to reverse from the 9%, although it initially broke through it. After a slight decline, the price started to correct. If we draw a retracement, it also formed an internal pattern, with the target at 61.8% (0.6020). I predict that the price will correct to the 61.8% resistance and then drop from it to the 61.8% below, at 0.5860. This is precisely the key target according to the main internal pattern I mentioned at the beginning of the post. It seems that NZD/USD will first rise on the hourly chart and then return to the correction it started earlier. Apparently, the market needs to see some growth first.