Since the beginning of the year, the NZDUSD has been moving in a downward trend, which has particularly intensified in the second half of the year and the quotations have fallen to 0.6200, where the pair was last in August 2015.
However, this week there are signs of an upward correction. Daily candles from Tuesday and Wednesday have formed Inside Bar formation, and today’s candle indicates a breakout from the formation.
On charts D1 and H4 the growth divergences are under way, which additionally supports the bullish scenario. The likely target for buyers may be the nearest supply zone starting at 0.6320, and the natural support for demand is 0.6250.
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