NZDUSD in March
Ascending daily trend line (green) has been broken and retested, next target is the monthly (gold). I expect the descending trend line (red) to hold at least one more bounce off it, until price hits the monthly trend line, which will probably happen in the area where both lines meet. It's also a weekly horizontal resistance and a .38 fib retracement level.
Based on the pattern that occurred the last time price bounced off the monthly trend line, i'd guess a bounce back up to the .236 fib level before going down to test it again. This will also be the .38 fib retracement level from the short term move down.
Based on the pattern that occurred the last time price bounced off the monthly trend line, i'd guess a bounce back up to the .236 fib level before going down to test it again. This will also be the .38 fib retracement level from the short term move down.
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