NZDUSD Strong medium-term buy opportunity.

The NZDUSD pair easily broke above the former Channel Down on our last buy signal (October 27 2023, see chart below) and then went on a slow long-term retrace:


The restructured pattern is close to forming a Death Cross on the 1D time-frame, which would be the first since July 06 2023, a formation that turned out to be a buy signal. As the 1D RSI broke below its former Higher Lows trend-line and went below 35.00, a bullish pattern arises. As you can see such RSI pattern priced the Lows of October 26 2023 and May 31 2023, which where bottom buy opportunities that targeted the 0.786 Fibonacci retracement level from the previous High of the Channel Down.

Assuming the price soon hits its Lower Lows trend-line, a projected 0.786 Fib is around 0.6280 but we are targeting marginally lower at the top of the Channel Down at 0.62350, as until it breaks, it remains the dominant pattern.


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