Potential For a Bullish Monthly Trend

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
164 4 6
The Chart shows the current wave count on NZDUSD             . The Wave Count indicates the cycle from Jan 20 lows at 6350 has already completed a few days ago at 6748.

At this point there is no proof that the structure turns into a double corrective and we get a renewed leg to the upside, that will only happen on a bullish breach of 6748. The reason the chart is posted, after todays             strong momentum to the upside, this could be an area to start initiating a first position, perhaps small, and then looking to add once the double structure is confirmed.

There is a bias in this chart (if you've seen some of my other charts) as I'm extremely bearish the USD. Which is the reason why I believe we will have an uptrend in the NZDUSD             that is likely to last a few months.
Please see the related charts to understand why I'm bearish USD.

When the USD is bearish , traders are drawn to the kiwi because of it's attractive carry rate.

A breach of B wave lows at 6563 invalidates the setup. Targets will be determined as the wave develops with a min target of 6900. Best entry would be by buy stop above today's highs as momentum has slowed down.
nzd is now close to 200 sma on daily tf. so i expect some resistance.. but it holds bullish patterns.. so i think if 0.675 will be cleared then next target will be 0.69 and then towards 0.75
nice.. that you are long too.. here is my setup on nzd since from monday..

Update: Here is an updated 1H Wave Count. I have now entered into the position. Stops below circle wave B, though I believe (B) wave lows should hold the downside. Targets will be determined as the wave progress, but looking for a swing setup to take out 6748
JigneshDavda JigneshDavda
The first upside wave cycle from 6563 lows has been completed, and marked as wave a on the chart. We are currently pulling back in wave b. This is expected to break the smaller term channel, while the bigger channel stays in tact. Potential for a test of the bottom of the channel where there is also a 76.4% fib. Though keeping an eye on the 61.8% as well as the momentum. For further upside, the larger channel has to stay in tact.
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