NZDUSD Chart Technical Outlook trades within the corrective leg higher
NZD/USD – completed a bullish 5-wave count at the 0.6370 swing high. We are now assessed as being within the AB leg of a corrective formation. Common retracement levels are 38.2% and 88.6% of the last decline. These levels are 0.6163 and 0.6330. The immediate bias is bullish.
NZD basket – the rally has stalled at the 161.8% extension level of 6.6. This would indicate we are currently within the corrective 4th wave of a bullish Elliott Wave count. We have inflation forecast data on Tuesday, February 13.
With both single currencies expected to move to the upside, correlation studies are mixed.
