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Technical analysis for NZD/USD, the pair broke above the previous double top on the daily chart, above the previous weekly high at 0.6890, and above the weekly 50 EMA. This breakout opens the door for further upside potential. The first target for this bullish breakout is the 0.618 FIB retracement on the weekly chart at 0.6950. The second target for the NZD/USD is the 0.500 FIB retracement on the monthly chart at 0.7000. The third target is the 0.786 FIB retracement on the weekly chart at 0.7075. The fourth target is the 0.618 FIB retracement on the monthly chart at 0.7110. And the last target is the high on the daily chart at 0.7218.
Looking at the bigger picture, the bearish wave on the weekly chart, which started after the break below the low at 0.6943, has not concluded yet. The second target for the bearish weekly wave for the NZD/USD is the 1.618 FIB extension at 0.6470, where we have the 0.500 FIB retracement on the monthly chart. Break below the daily low at 0.6729 will signal the resumption of the bearish wave for the NZD/USD.
Daily chart:
Weekly chart:
