Bottom line: NZDUSD bullish structure remains intact as it carves a higher degree Wave (4) at 0.6582.
Technical Analysis:
NZDUSD remains in control of bulls and carves a higher low at 0.6582 on January 15, 2020. This has been readjusted as Wave (4) of a higher degree. If the above count is correct, NZDUSD should be on its way towards 0.6920/30 levels as Wave (5) progresses. Also note that prices dropped to fibonacci 0.382 retracement of Wave (3) around 0.6588, before turning bullish. This is a common wave relationship where Wave (4) retraces around 38% of Wave (3). With the above in mind, a probable trade setup should be higher from here, against 0.6460, towards 0.6930 levels respectively. The overall wave structure since 0.6200 also reveals that NZDUSD has been producing series of higher highs and higher lows. They have been labelled as Waves (1), (2), (3) and (4) at 0.6464, 0.6317, 0.6755 and 0.6582 respectively. Also note that the above wave structure is pushing higher as a potential impulse wave at one higher degree. If the above count is correct, prices should ideally stay above 0.6464, the Wave (1) termination, and push towards 0.6930 as Wave (5) unfolds. Please note that 0.6930 is the 0.618 extension of Waves (1) through (3), which is the most common guideline for Wave (5) termination. Furthermore, a major past resistance is also seen around the 0.6930 mark and bulls should remain poised to take that off. The NZDUSD pair has probably entered into its last wave higher to complete an impulse of a higher degree at 0.6930. Please consider taking profits on the long positions we have been suggesting here, ahead of 0.6930 mark. We can expect a 3 wave corrective drop, after prices hit the above resistance and terminate into the 5th wave.
Prepared by
Harsh Japee, Technical Analyst.
NZDUSD Chart
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