Technical outlook:
NZDUSD was rising through the 0.6400 high until Thursday before finding mild resistance. The currency has rallied over 200 pips after carving a low around the 0.6196 mark early this week and might have carved a meaningful bottom already. Bulls will remain poised to hold prices above the 0.6196 mark to keep the near-term structure intact.
NZDUSD is seen to be trading around 0.6337 at this point of writing and is expected to resume higher towards the 0.6575 initial resistance soon. The currency pair could produce intraday dips but shall hold above 0.6196 going forward. A break above 0.6575 is required to confirm that a meaningful bottom is in place and that bulls are back in control.
NZDUSD has found support just below the 0.618 Fibonacci retracement of its larger degree upswing between 0.5469 and 0.7465. Furthermore, this has been duly accompanied by a bullish divergence on the daily RSI as presented on the chart, which has been followed by an Engulfing Bullish candlestick pattern. Bullish from here.
Trading plan:
Potential rally through 0.6700 against 0.6100
Good luck!
