NZDUSD rose through the 0.6315 mark in the early Asian session on Monday. The currency pair has managed to carve a bullish Morning Star candlestick pattern confirming the next larger move towards 0.6575 and higher. Bulls will be poised to hold prices above 0.6190 to keep the momentum going.
NZDUSD might have terminated its larger degree corrective wave, which began from the 0.7465 highs earlier. The entire drop unfolded as a complex corrective structure and might be complete at around the 0.6195 lows carved recently. If the suggested structure holds well, bulls will be back in control from here pushing through initial resistance at 0.6575 in the near term.
NZDUSD has also managed to carve a lower degree upswing between 0.6195 and 0.6400 in the past few days. The above rally has been retraced from 0.6240, which is just below the Fibonacci 0.618 retracement of the above upswing. The high probability remains for a sharp rally from the current levels.
Trading plan:Potential rally towards 0.6475 against 0.6100
Good luck!