NZD/USD’s rebound from 0.7095 resumes today after some brief consolidations. The support from 4 hour 55 EMA is seen as a near term bullish sign. Current development argues that the corrective fall from 0.7314 has completed. And larger rally is possibly ready to resume.
Further rise is now expected to retest 0.7314 high first. Break will extend the up trend from 0.5469 to 100% projection of 0.5920 to 0.6797 from 0.6589 at 0.7466. Though, break of 0.7166 minor support will extend the correction from 0.7314 with another fall, probably to 55 day EMA (now at 0.7055) before completion.
