NZDUSD is clearly in bullish mode, making a nice impulsive trend, so it’s important to stay with this direction, at least for now. That said, we will expect more gains after any three wave retracement. We will be tracking wave 4 in the next few sessions. It may retrace back into the 0.6585 – 0.6648 area, which can be an ideal zone for a new bounce. If we get this pullback, we may look for longs sometime this week.
NZDUSD, 1h
Markets are slow today, no major changes in trend, so for now, stocks remain up despite some sell-off on DAX from around 10190. However, we think that, eventually, stocks will find resistance later this week. The reason is that the S&P500 is now in the fifth wave at the final leg of an impulsive structure. It may rise to 2030-2040 this week, where we expect a downward turning point.
S&P500, 1h
