FX:NZDUSD   New Zealand Dollar / U.S. Dollar
26 0
A fib retracement shows us that 0.63600 is the first target and the long term target is 0.62000. We can also see the weekly support of 0.65000 has been broken.

We can see that the daily is breaking below the 0.64300 support level . It seems to have held for now but there seems to be more pushing it down.

We can see on the 4hr chart that the market is still creeping down.

Overall, my bias is bearish . I will take a trade once the 0.64300 support is broken but is retested as a resistance level . That is the first trade idea.

The first fib target of 27% is the 0.63600 level. If I do not take my first trade idea then the possible second trade idea will be taking a trade upon retesting the 0.63600 level. This trade I will try holding it to near the 0.62000 level, which is the second fib (61.8%) target level. This should complete the ABCD fib pattern.

There are a few support levels at around the 0.63500 (weekly support) and the 0.62500 (weekly support) levels that you have the be careful about. Possibly move stops into breakeven once 20/30 pips in profit.
Comment: EDIT: I took the first trade and when I was in 20-30 pips profit I put the SL to break even. I eventually got the SL hit at BE so I am not in the trade anymore, and the week has also ended.

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