By Admiral Markets
The NZD/USD correction seems to be over. The trend is bullish and the pair has spiked above the correction channel (violet) getting back into the main uptrend. The currency pair has made a bullish SHS pattern too and the price is going upwards. A retracement into the POC zone 0.7265-75 (EMA89, 50.0, trend line, order block)could spur another bullish rally and the 4h or 1h momentum close above 0.7315 is considered bullish. 0.7335 is the first target on further bullish momentum and 0.7355 is the target that corresponds to the channel top and D H5 confluence.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
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D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: NZD/USD Correction Seems Over
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