Maybe I’ve had kiwi on the brain.
I have been talking about why I’ve been so bullish and I never like it when I’m only focused on one side of the trade.
The daily NZD/USD has rallied to the upper trendline resistance level of a year-long Rising Wedge. The pair is also testing the waters above 0.8200 which I will be watching closely for bullish momentum. So far, and remember it IS Sunday so confirmation as the European session is requires but the Monday trading session in the U.K. and U.S. will be light due to bank holidays.
But the timing of the U.S. Dollar Index 75.00 level and the resistance of the pattern on the NZD/USD could set up a correction in each. This would this bode well for intraday bulls who are waiting for an opportunity to buy into the uptrend. The 60 and 240-minute time frames are both still in “twelve to two o’clock” uptrends. I am favoring the deeper pullback to the support of the “swing buy zone” on the 240-minute which would put the entry area between 0.8105 and 0.8080.