NZDUSD The Kiwi formed a clear five-wave rally from 0.6425 lows, which in EW theory suggest more upside after a correction. As you can see, pullback was deep, but complex with overlapped wave structure and also nicely within channel range, so we assume that this was just a double zig-zag W-X-Y corrective decline. And yes, The Kiwi bounced idealy around 61,8% Fibonacci retracement, so seems like the support has been found at 0.6585 level. That said, we think that NZDUSD made a nice bullish setup that can send price back to highs 0.6970 highs or maybe even higher. Just have in mind that we still need a confirmation for this, so bulls can be confirmed only above 0.6880 region!
Of course, this may take some time, it could stay sideways or it can go even more complex, but anyhow, we will remain bullish as long as it's moving above 0.6425 invalidation area.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Note
UPDATE: After that sharp and impulsive rally into a wave 1, the Kiwi slowed down in a correction of wave 2, so be aware of a bullish continuation back to highs for wave 3 once a three-wave a-b-c decline in wave 2 fully unfolds!
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