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NZDUSD: Corrective Rally

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Oct 09 2014

Few sessions back I was looking at NZDUSD and was tracking idea of a triangle formation in fourth wave. Well, that one has been invalidated yesterday after the FED minutes when price turned up for a new swing high. However, an upward reaction does not mean a bull market. We need to look at current rise from a larger perspective, so I scrolled chart a little bit back and still see a strong downtrend since August followed by current rise that is probably a corrective pause. I am looking now at a double zigzag that already tested 38.2% compared to wave 3 so new bearish reversal could be in the cards. A drop back to 0.7800 would be a first but important evidence for a completed 4 and straight continuation down into wave 5. If market will continue higher then next resistance are to watch is 0.8000 - 0.8070.


Make sure to stay on the right side of the market swings!!
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4H chart


A daily chart of NZDUSD and that trend line from May 2012 also suggests a limited upside; broken support becomes resistance.




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