NZD/USD – Expecting a Corrective Bounce Higher

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Updated: 26 March 2020

Good day traders! This year’s sell-off in the NZD/USD currency pair has recently reached a confluence of multiple market geometry lines and price is currently bouncing higher.

If last week’s low holds, then we could see a retest of the 0.6196 price level which was a previous support level back in August 2015 and September 2019. Should price break above that level, then the NZD/USD could trade as high as the 0.618% and 0.786% Fib retracement levels measured form the previous swing lower.

Conclusion

I cannot rule out another test of last week’s low, but NZD/USD might be in for a decent bounce higher or perhaps even start a new trend higher over the next few weeks.

More updates to follow.

Bias: Bullish

Targets: 0.6196 and 0.6264

Until next time, have a great day and stay safe!

Richard Krugel