Chart of the day

NZDUSD is breaking above the strong upside reversal resistance of 0.6350 and we are still in the fourth downside wave consolidation—only a break above 0.6650 will invalidate the fifth wave down and will change this count to the third wave upside.

This break above the key short-term resistance of 0.6350 is giving us space to make a profit till the next upside resistance of 0.6600. We expect continuation higher short-term with support in the 0.6280-0.6310 zone.

Long trades, you can open now with the stop loss below 0.6280. This is a short-term breakout that should be used for long trades. Short trades will be valid below 0.6280.