The NZD/USD has made a trend change after the double trend line break to the upside around 0.6880. A failure to close below formed a wave of fresh buyers.
A retracement to POC zone 0.6710-20 could be used for buying into the dip. Targets are 0.6760, 0.6790 and 0.6820. It should happen after a retracement. If we don’t see any retracement, then a close above 0.6790 is needed for a further continuation up.
The ATR of the NZD/USD is not high, the movement is slower so patience is needed for a setup to develop.
(The analysis has been made by ecs.CAMMACD.MTF trading template)
For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Nenad Kerkez aka Tarantula FX
This article was originally posted on FX Empire
More From FXEMPIRE:
- Bitcoin And Ethereum Daily Price Forecast – Profit Booking Takes Major Crypto’s Back To Weekend Price Levels
- Gold Searches for Directional Catalyst: Euro Clears 1.15
- Gold Price Futures (GC) Technical Analysis – January 10, 2019 Forecast
- Crude Oil Price Update – Needs to Hold $51.98 to Maintain Upside Momentum
- Who Will Succeed Mario Draghi?
- AUD/USD Bullish Bounce Targeting 0.7245