NZDUSD Chart Technical Outlook trading within a complex correction
The medium-term focus is on lower levels with NZD/USD currently assessed as trading within the BC leg of a Bat formation. The minimum requirement for this leg is 38.2% of the last decline. This level is located at 0.6165. Although we witnessed a rally on Friday, February 9, only a swing high of 0.6158 was achieved.
The intraday chart highlights a complex correction inside an expanding wedge pattern. This would indicate that we see a bullish corrective formation to the upside before sellers return. The medium-term focus is on lower levels and selling into rallies is advisable.
