NZD/USD’s rally extends overnight riding on broad based weakness in Dollar. Current rise is part of the up trend from 0.5469 and should be targeting 100% projection of 0.5920 to 0.6797 from 0.6689 at 0.7466. By then, the rise from 0.5469 might be completing a five-wave sequence. Thus, we’d be looking for topping signal as NZD/USD approaches 0.7466. Though, break of 0.7151 minor support will delay the bullish case and bring more consolidations again first.
NZD/JPY, on the other hand, is still limited below 74.61 temporary top so far. Some more consolidations could be seen. But an eventual upside breakout is expected. Up trend from 59.49 should resume sooner or later, to 100% projection of 63.45 to 71.66 from 68.86, at 77.07 (corresponding projection level of NZD/USD mentioned above.
