Daily

As it was expected, after the double bounce of quotes from the Fibonacci correction level of 100.0% the kiwi edged against the greenback, reaching the level 76.4% - 0.7700. Presently quotes are for the third time expected to reverse further to the downside towards the Fibonacci correction level of 100.0%. Otherwise, if the rate is fixed above the correction level 76.4%, the quotes are likely to reach the next correction level of 61.8% - 0.7847. The bearish candlestick formation near the 76.4% will indicate the most probable reversal to the downside

4h

New Fibonacci grid shows that in the course of Wednesday’s trades quotes were fixed above the Fibonacci correction level of 23.6% - 0.7638. Though this fact enables the outlook for the possible growth, the Fibonacci level 76.4% acts as a barrier on the daily chart. As long as the rate fails to fix above this level, it is hard to forecast the further ascending movement. But in case it holds on the 4H timeframe, the quotes are likely to reach the level of 0.7750 – 61.8%. Considering the analysis of the candlestick patterns we can see that the growth of quotes is most likely to take place. On the other hand, the bearish formation can confirm the worries of the bounce from the Fibonacci level of 76.4% on the daily chart.