On a 1-week chart, the Kiwi has been uptrending from the end of 2015, throughout much of 2016. Drawing our Fibonacci retracement from the lowest low in 2015, to our highest high in 2016, we can clearly see price bounce off of 38.2 retracement level.
A rule with Fibonacci retracement is the trend is still trending until 61.8 retracement level is broken.
With the dollar strength already priced in after the Nov. 7 Kiwi drop, we may very likely see price continue to trend up to retest the .734 level.
A rule with Fibonacci retracement is the trend is still trending until 61.8 retracement level is broken.
With the dollar strength already priced in after the Nov. 7 Kiwi drop, we may very likely see price continue to trend up to retest the .734 level.