Technical outlook:
NZDUSD dropped to the 0.6198 lows, just three pips shy from the previous swing low of 0.6195 before finding support. Prices have bounced back towards 0.6230, keeping the bullish structure intact. Bulls will be poised to push prices towards the 0.6575 initial resistance if the 0.6198 support holds well. A push above 0.6400 will encourage bulls.
NZDUSD looks to have completed its larger-degree corrective decline, which began from the 0.7465 highs on February 25, 2021. The currency pair has carved a potential zigzag and terminated at around 0.6195, just below the Fibonacci 0.618 retracement of the larger upswing (not seen completely). Watch out for a bullish reversal from here soon.
NZDUSD remains supported at 0.6195 for now as prices are retracing after the recent upswing. They are seen to be bouncing above the Fibonacci 0.786 level at this point in writing (0.6825). The pair is expected to rally towards the 0.6575 resistance in the next several trading sessions. Traders might be preparing to hold long positions against 0.6100.
Trading plan:
Potential rally through 0.6575 against 0.6100
Good luck!
