Bottom line:  NZDUSD bullish structure is expected to remain intact until 0.6000 low is in place. Expect support to come in around 0.6170 levels.

Technical Analysis:

NZDUSD remain firmly in control of bulls after printing fresh lows at 0.6000 handle on March 06, 2020. NZDUSD bulls had rallied over 400 pips earlier taking out resistance at 0.6372 levels, registering intermediary highs at 0.6450 levels respectively. The impulse rally has been labelled as Wave 1 here and a corrective Wave 2 seems to be underway now. Please note that Fibonacci 0.618 support comes in around 0.6170 levels and a bullish reversal is expected. The overall structure seems to be extremely bullish until prices remain above the 0.6000 mark. Traders might be willing to initiate fresh long positions around current price action (0.6260) and also add further around 0.6150, with protective stops just below 0.6000 and projected target at 0.6790 levels respectively. Looking at the wave counts, NZDUSD has terminated Waves 1 and could potentially terminate Wave 2 around 0.6150/0.6250 levels, before resuming higher again as Wave 3 unfolds. If the above counts are correct, NZDUSD is expected to rally sharply back above the 0.7000 handle in the coming weeks. Also note that NZDUSD bulls are carving a conventional inverted Head and Shoulder pattern with Head in place at 0.6000 handle, Left shoulder seen towards 0.6189 levels and potential right shoulder around 0.6150/0.6250 respectively. If the above structure takes shape accordingly a major bull rum could be witnessed going forward. Also note that the previous higher degree Wave 4 is expected to be taken out around 0.6750 levels as Wave 3 progresses. Watch out for a bullish reversal either from here or from 0.6150 levels with a potential target above 0.6870 easily. The trend is expected to last for a few months going forward.

Prepared by

Harsh Japee, Technical Analyst.

NZDUSD Chart

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