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.
-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.