NZD/USD rebound gains traction as triangle recovery targets 0.60

Gregor Horvat Wavetraders

NZD/USD is pushing nicely to the upside since the start of the month, after we identified a completed ending diagonal around 0.5681. From there, we’ve seen a strong and impulsive reversal, which suggests the market has turned bullish, at least temporarily.

This type of structure usually points to more upside within a higher degree A-B-C recovery, ideally in wave D, which could target the upper side of the broader triangle around 0.5960 to 0.6010. That zone may act as resistance where the upside could be limited within ongoing triangle as shown ona daily chart. So, in the near term, there still appears to be room for more upside after the current wave B pullback, which can be a bullish triangle or slightly deeper flat correction. It's already testing the upper part of the support zone around 0.5850 to 0.5795, from where we would expect another leg higher within wave C as long as the price stays above the recent lows.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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