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11.05.2012 10:17 AM
NZD/USD Candlestick Analysis for May 11, 2012

Daily

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On Thursday the NZD/USD pair has failed to change drastically the current dynamics. The rate still remains near Fibonacci correction level of 61.8% and it is hard to say whether the quotes will be fixed below this level or not. In case they do, the rate will be able to decline further and reach Fibonacci correction level 76.4% - 0.7700. If the pair fails to overcome this barrier, the reversal is likely to take place resulting in the growth of the pair towards Fibonacci level of 50.0% – 0.7967.


4h

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On 4H timeframe we can also observe the rate near Fibonacci correction level of 261.8%. The rate has recently fixed above this level though the bearish Harami pattern points at the contrary fixation below this level. Therefore, the key level on the daily timeframe is Fibonacci level of 61.8%. The situation on the 4H timeframe points assumes the high possibility of further descending movement of the quotes.

Samir Klishi,
Analytical expert of InstaForex
© 2007-2026
Summary
Urgency
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