The NZDUSD continues to advance within an ascending channel underpinning the latest uptrend. The latter emerged in the wake of the ABC correction, which, in turn, followed the preceding 1-5 Elliott impulse wave pattern.
The pair is currently consolidating above the 50-day MA (in green), 100-day MA (in blue), and the lower end of the channel. Once there is enough bullish commitment in the market, the NZDUSD is likely to probe breaking above the 23.6 per cent Fibonacci retracement level before heading further north.
The pair is currently consolidating above the 50-day MA (in green), 100-day MA (in blue), and the lower end of the channel. Once there is enough bullish commitment in the market, the NZDUSD is likely to probe breaking above the 23.6 per cent Fibonacci retracement level before heading further north.