NZDUSD Close to the long-term Support. Buy opportunity.

The NZDUSD pair had previously completed its bullish leg above the 1D MA50 (blue trend-line) before starting the new correction on the August 12 High, as we illustrated on our previous analysis:


Right now the price is again the closest its been since July 12 to the bottom (Lower Lows trend-line) of the 1 year Bearish Megaphone pattern. This makes the odds of a buying stronger, even though the 1D RSI isn't yet oversold. Probably that will happen within the current level and 0.5900. In any case this is a good medium-term buy opportunity, initially targeting the 1D MA50 and Inner Lower Highs (1) trend-line on a potential +5% rise (minimum of rises inside the Megaphone) and in extension the 1D MA200 (orange trend-line) and the Inner Lower Highs (2) trend-line on a +7.50% rise (maximum inside the Megaphone).




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