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NZDUSD – Has the Pair Formed A Bottom?
For the month of may the pair shed over 800 pips, ending with a pin bar rejection off .7760 The following two days of buying (A) were quite impulsive, and the follow through selling over the last three (B) days hasn’t taken out the low of the last bull close. This suggests a potential bottom is in place, and if so, the bulls will buy higher off the lows. I’ll look for a buy signal .7860 and .7818 targeting the big figure at .8021. If .7760 holds the 2nd attack, expect another rally by the bulls to reverse the trend.
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