In our previous analysis we analyzed the early signs of a trend reversal in NZDUSD. Price today is above 0.68 and so far we have seen a high around 0.6828. NZDUSD has broken above key resistance and is moving higher. Our first target is at 0.6892.
The RSI in the Daily chart is turning upwards, Price has already surpassed the recent high of 0.6817. Momentum favors bulls. A major low is in and I expect to see at least a 38% Fibonacci retracement of the decline. NZDUSD has potential to reach 0.70 again. Downward pressures are weakening. Bulls are regaining control of the short-term trend.
