With the apparent move in the dollar as the “current” safe haven currency, we have chosen to focus on the NZD USD pair as the next likely candidate to produce a strong move.While the NZD is not a heavily traded pair, anything paired with the USD is well worth watching.  Please take a careful look at the chart below which is the NZDUSD on the 2hr time frame.


This pair has just concluded an impulsive move to the downside and is currently in a corrective phase of price action.  The key point to note here is the development of the cloud as the pair traveled downward.  It kept building and has held even with the failed attempt to create a new low.  With any good trend, there will always be a challenge and that is exactly what we are seeing here.  Watch for this “challenge” to be rejected by the cloud and the 38.2 Fib retracement.  Look for price to make a new low and watch for a fresh Ichimoku cross to the downside.  The one note of caution is the climbing oscillators which may give this rejection some fight.  However, so far this pair is holding quite well and if this particular move comes to be, it should be quite profitable as well.