http://bit.ly/2m5hjn1
Our intra-day outlook for NZDUSD is currently neutral at this point. Price is currently forming under 50-day moving average but downside momentum is greatly inhibited with what looks like a bullish hammer candle forming. We prefer to see daily price close below 0.71353 minor resistance turn support upon which 0.70066 support area will be next target. However prior to that possible event, our larger scope bias remains bullish for the pair because current price action and any subsequent movement to 0.70066 is viewed as retracement of the 23rd of December 2016 price low of 0.68619 to the 7th of February 2017 price high of 0.73754 at 0.70066. This traces out a possible wave 2 of 3 of C which is a very bullish signal. Any price close above 0.72379 minor resistance area shown should bring the pair to 0.73917 first. Further price close above 0.74505 should take the pair to the 0.76453/0.77190 cluster resistance zone.
On the downside, any break of 0.70066 level and channel support will invalidate the bullish case stated here.
Our intra-day outlook for NZDUSD is currently neutral at this point. Price is currently forming under 50-day moving average but downside momentum is greatly inhibited with what looks like a bullish hammer candle forming. We prefer to see daily price close below 0.71353 minor resistance turn support upon which 0.70066 support area will be next target. However prior to that possible event, our larger scope bias remains bullish for the pair because current price action and any subsequent movement to 0.70066 is viewed as retracement of the 23rd of December 2016 price low of 0.68619 to the 7th of February 2017 price high of 0.73754 at 0.70066. This traces out a possible wave 2 of 3 of C which is a very bullish signal. Any price close above 0.72379 minor resistance area shown should bring the pair to 0.73917 first. Further price close above 0.74505 should take the pair to the 0.76453/0.77190 cluster resistance zone.
On the downside, any break of 0.70066 level and channel support will invalidate the bullish case stated here.
