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NZDUSD rose through the 0.6300 mark during the Asian session on Friday after finding support close to the 0.6250 lows on Thursday. The currency pair is unfolding a bullish Morning Star candlestick pattern on the daily chart. If successful, it would indicate a potential trend reversal ahead. Bulls are looking poised to hold prices above the 0.6190 mark to keep the near-term structure constructive.
NZDUSD has terminated its larger degree corrective drop, which had begun at the 0.7465 highs, around the 0.6190 mark. Also, note that prices have bounced off the Fibonacci 0.618 retracement of its larger degree upswing between 0.5470 and 0.7465. If the above structure holds well, prices would stay above the 0.6190 mark and push through the 0.6575 mark in the near term.
NZDUSD has also carved a lower degree upswing between 0.6190 and 0.6400 in the past few trading sessions. Furthermore, prices have also retraced through the Fibonacci 0.618 levels around 0.6250. Bulls will be inclined to come back in control from here and push prices towards the initial resistance at 0.6575 at least.
Potential rally through 0.6575 and higher through 0.6100
Good luck!
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