NZDUSD has dropped through fresh intraday lows around 0.6350 on Friday. Prices have reached formidable support before finding some bids coming. The currency pair is seen to be trading around the 0.6360 level at this point in writing and is expected to resume its rally towards 0.6790 and higher going forward.
NZDUSD has already carved a meaningful lower degree upswing between the 0.6230 and 0.6575 levels as seen on the daily chart. Also, note that prices broke above the initial resistance seen around the 0.6570 mark as bulls registered themselves. The currency pair has now retraced from the above upswing through the Fibonacci 0.618 level around the low of 0.6350.
NZDUSD is now looking poised to turn bullish from here and produce yet another upswing towards 0.6790 and 0.7100. For the above structure to hold, prices must stay above the 0.6200 support. Traders might be preparing to initiate fresh long positions now just below the 0.6200 mark.
Trading plan:Potential rally towards 0.6790 and 0.7100 against 0.6200
Good luck!