Triangle On NZD/USD Points To A New Break Higher

NZD/USD is in a nice and strong recovery since October when the pair completed a bigger flat correction in wave four at 0.6500, from where we are observing a new recovery within wave 5. Wave 5 is a motive wave and looks like it’s an impulse with another leg up in view as the current price action looks like a triangle on the way up. Break and daily close above 0.7230 can call 0.7400. At the same time, we have to keep in mind that stocks are very bullish which is positive for commodity currencies. Crude oil is also an important factor here! The only thing that can hold AUD and NZD back right now, are lower metals, but we believe that this will change soon and then NZD/USD will be even more interesting for buyers.

AUD/USD is also having a potentially bullish pattern, supported by copper and an ongoing downtrend on USD/CNH. You will find out more about this one in my video below:

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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