NZD/USD has probably reversed its downtrend on the short-term timeframe. It was falling in a large Measured Move pattern, however, there is a chance this may not reach the target for C. A bullish close on Thursday would result in a “Three White Soldiers” Japanese candlestick reversal pattern on the daily chart. Measured move price patterns are composed of an A, B, and C leg, in which waves A and C are commonly of the same length – or related by a 0.618 Fibonacci ratio.
It would be accompanied by high bullish momentum reinforcing the pattern’s reliability – a signal the NZD/USD will probably go higher. The 4-hour chart, commonly used to assess the short-term trend of an asset, is showing NZD/USD has probably reversed over that timeframe. New Zealand Dollar versus US Dollar: 4-hour chart Since the April 1 lows, NZD/USD has rallied strongly. It has broken above the last swing high of the prior downtrend at 0.
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