Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a cancelled golden cross of Tenkan-sen and Kijun-sen, the lines are horizontal; the market is still on the support of the Cloud.
NZD/USD: kiwi is resuming trend
TP1 0.745 TP2 0.7505
On the daily chart, NZD/USD is forming 5-0 senior pattern and the junior “Bat” pattern. Triggering of the latter will increase the risks of continuation towards 88.6%.
On H1, NZD/USD reached targets of the “Widening wedge”. The level of 88.6% of the wave 4-5 (previous buying point) is acting as support. There’s 23.6% level of the wave CD of the inverted “Shark” pattern. Inability of bears to lower the pair below this important support will be a reason for long positions.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.