Potential For a Bullish Monthly Trend
The Chart shows the current wave count on NZDUSD. The Wave Count indicates the cycle from Jan 20 lows at 6350 has already completed a few days ago at 6748.
At this point there is no proof that the structure turns into a double corrective and we get a renewed leg to the upside, that will only happen on a bullish breach of 6748. The reason the chart is posted, after todays strong momentum to the upside, this could be an area to start initiating a first position, perhaps small, and then looking to add once the double structure is confirmed.
There is a bias in this chart (if you've seen some of my other charts) as I'm extremely bearish the USD. Which is the reason why I believe we will have an uptrend in the NZDUSD that is likely to last a few months.
Please see the related charts to understand why I'm bearish USD.
When the USD is bearish, traders are drawn to the kiwi because of it's attractive carry rate.
A breach of B wave lows at 6563 invalidates the setup. Targets will be determined as the wave develops with a min target of 6900. Best entry would be by buy stop above today's highs as momentum has slowed down.
At this point there is no proof that the structure turns into a double corrective and we get a renewed leg to the upside, that will only happen on a bullish breach of 6748. The reason the chart is posted, after todays strong momentum to the upside, this could be an area to start initiating a first position, perhaps small, and then looking to add once the double structure is confirmed.
There is a bias in this chart (if you've seen some of my other charts) as I'm extremely bearish the USD. Which is the reason why I believe we will have an uptrend in the NZDUSD that is likely to last a few months.
Please see the related charts to understand why I'm bearish USD.
When the USD is bearish, traders are drawn to the kiwi because of it's attractive carry rate.
A breach of B wave lows at 6563 invalidates the setup. Targets will be determined as the wave develops with a min target of 6900. Best entry would be by buy stop above today's highs as momentum has slowed down.
