Bottom line: NZDUSD bulls in control as potential Wave (3) terminated at 0.6636. Wave (4) could be underway towards 0.6515 levels.
Technical Analysis:
NZDUSD might have terminated Wave (3) around 0.6636 levels last week, or could extend towards 0.6700 levels going forward. At the moment, it is safe to presume that Wave (3) is in place at 0.6636 and that a potential Wave (4) could be underway. Ideally, fibonacci 0.382 retracement of Wave (3) should be Wave (4) termination; seen around 0.6515 levels. Moreover, the Elliott Channel support could be seen around the same zones; increasing probabilities for a bounce there. Alternately, if Wave (3) is extending, potential upside targets remain around 0.6740/50 levels, going forward. In either case, NZDUSD bulls are poised and well placed to push higher towards 0.6750 at least. Price resistance on the daily chart is seen at 0.6788, and we would not be surprised if the current rally could complete an impulse towards there. If the above count holds well, we should witness prices staying above 0.6464, which is Wave (1)/A termination labelled here. Furthermore, a push above resistance at 0.6788 would also confirm that a meaningful bottom is in place at 0.6200 lows on October 01, 2019 earlier. The overall structure since October 01, 2019 looks constructive for bulls with a potential impulse underway towards 0.6788. A high probable trade setup from here is expected on the north side against 0.6300 (Wave (2)), with potential targets above 0.6788 levels, going forward. One can also place stops below 0.6465 levels, which is Wave (1) termination and if an impulse is underway, Wave (4) would not enter the above price zone. Watch out for a potential bullish bounce around 0.6515 levels, which is converging at Elliott Channel and fibonacci 0.382 of Wave (3).
Prepared by
Harsh Japee, Technical Analyst
NZDUSD Chart
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