Bottom line: NZDUSD bullish structure remains intact with Wave (3)/C underway towards 0.6600 and higher.
Technical Analysis:
NZDUSD bulls are in control since Wave (2) terminated at 0.6325 levels on November 08, 2019. We had expected a re-test of 0.6300 levels as Wave (2) presented last week, but the single currency pair broke past 0.6450/60 resistance already. Looking at the wave structure since 0.6200 lows, it is much clear that NZDUSD is progressing higher towards 0.6625/0.6700, as potential Wave (3) since 0.6320 levels. Earlier, the rally between 0.6200 and 0.6465 unfolded in 5 waves labelled as Wave (1)/A; which was followed by a corrective drop/retracement towards 0.6320 levels labelled as Wave (2)/B. Please also note that Wave (2)/B travelled/terminated around the fibonacci 0.618 retracement of Wave (1), which is typically the case. Also note that Wave (1) had taken out the previous resistance at 0.6450, which was followed by a correction and now with Wave (3) in progress, the next in line resistance at 0.6700 is expected to be taken out. If the above structure holds well, we should see prices staying above 0.6320 levels going forward, and pushing through 0.6700 as potential price target. NZDUSD has already hit fibonacci 0.382 target at 0.6550 levels and there could be a minor correction from here; potential support begins at 0.6450/60 and extends through 0.6420 levels respectively. Also note that the trend line support is passing through 0.6350 levels at this point in writing and would be rising as price action unfolds, going forward. It would be interesting to see if bulls manage to produce an impulse wave of one higher degree, by sub dividing into 5 waves. A high probable trade direction is towards 0.6700 against 0.6320 levels respectively. Corrective drop towards 0.6450 levels should be seen as opportunity to go long again or add further.
Prepared by
Harsh Japee, Technical Analyst
NZDUSD Chart
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