Above set up offers a small counter trend trade if the high of 0.86944 is untouched targeting 0.84.
A bit off topic, but reg. median lines. Do you guys notice how price often reacts to the mid-point price level (mid point of Swing High & Swing Low.. or points 2 and 3 of the ML)? I look at it as a confirmation of continuation of the short term trend. Don't see much written about it.
I personally wouldn't trade NZDUSD short because its counter trend but some people like to (esp. intra day traders). Also the recent high of 0.86944 must hold if any short trade is to take place. If you look at RSI, it is pointing up above the 40 level which is bullish, but there is resistance at 52 level. There's also a medium term divergence to RSI that points a correction to 0.83627.
Just like you, i'm curious how the chart will unfold given the positive data from China. Let's see.. weekly unemployment claims and housing data due today.