Bottom line:  NZDUSD bullish structure remains intact for now as prices stay above 0.6200 lows. It is seen to be bouncing off trendline support at 0.6450.

Technical Analysis:

NZDUSD bulls remain in control as it is seen to be bouncing off the trendline support near 0.6450 levels. Please note the wave counts have been adjusted here according to the recent price action. One of the probable counts are NZDUSD has carved a lower degree Wave ii within 3, which seems to be in progress since 0.6317 lows. The rally between 0.6200 through 0.6466 could be Wave 1, followed by Wave 2 termination at 0.6317 respectively. Since then, Wave 3 might be in progress and it could be an extended one. An alternate count could be that Wave (1) of a higher degree is in place at 0.6750 (not labelled here). This has been followed by a corrective drop towards 0.6450 as Wave (2). A higher degree Wave (3) could be in progress now, leading prices much beyond 0.6930 levels. In either case, the structure remains progressive and constructive for bulls to print higher highs and higher lows from here. Bottom line is that NZDUSD must stay above the 0.6200 mark. Furthermore, please note that prices have found support at the 4 month trendline connecting October 2019 lows. This is supplemented by the fibonacci 0.618 retracement/support of the rally between 0.6317 through 0.6755 respectively. If the above structure holds well, NZDUSD bulls might come back strong around current levels and push through 0.6930 at least, going forward. The past resistance turned support is also seen around 0.6450, where prices managed to bounce. All the above facts might be pointing towards traders possibly willing to go long against 0.6200 with potential targets above 0.6930 levels. Watch out for a break above 0.6550/0.6600 to confirm.

Prepared by

Harsh Japee, Technical Analyst.

NZDUSD Chart

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！

免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。