NZDUSD: Additional recovery in store

NZDUSD: Additional recovery in store

After reaching the previous detected technical objectives, the NZDUSD pair has showed some kind of strength, bouncing from the initial support of 0.7320.

-By examining the four-hour interval of the pair, we see fine Fibonacci rhythmic formed ideally with a retrace from 200% Fibonacci projection of AB leg for a harmonic 5-0 pattern.

NZDUSD-13-05-2015-FXCOMMENT

-The secondary figure is an educational one shows the Fibonacci symmetry of the harmonic 5-0 pattern, which solidifies the technical idea of resuming the bullish impetus over upcoming hours.

-The typical technical target of the pattern resides in the 50% Fibonacci of the CD leg at 0.7535.

-MACD and RSI14 are presently positive, adding further confirmation for the harmonic structure.

-Of note, the pattern is a bearish pattern; thus, we may sell the pair after reaching the scientific completion point.

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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