NZDUSD Resuming uptrend to 0.6500 at least.
The NZDUSD pair turned bullish and reversed the medium-term sell bias exactly on the moment we wanted it last time we posted on analysis on it:
As you see, the rebound took place exactly on the Lower Lows (bottom) trend-line of the long-term Bearish Megaphone, a pattern it's been trading in for over 1 year. At the moment, the price is consolidating around the 1D MA50 (blue trend-line), struggling to stay above it but nonetheless, it closed a 1D candle above it for the first time since April 12. Every time the pair closes above the 1D MA50, the rebound is extended to at least the 0.5 Fibonacci retracement level. This time, that at 0.65470 and if that is achieved within August, the price will make contact with the 1D MA200 (orange trend-line) as well.
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As you see, the rebound took place exactly on the Lower Lows (bottom) trend-line of the long-term Bearish Megaphone, a pattern it's been trading in for over 1 year. At the moment, the price is consolidating around the 1D MA50 (blue trend-line), struggling to stay above it but nonetheless, it closed a 1D candle above it for the first time since April 12. Every time the pair closes above the 1D MA50, the rebound is extended to at least the 0.5 Fibonacci retracement level. This time, that at 0.65470 and if that is achieved within August, the price will make contact with the 1D MA200 (orange trend-line) as well.
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Please like, subscribe and share your ideas and charts with the community!
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