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- NZD/USD Price Analysis: Bears eye break of daily support for a run to weekly demand area, 0.6150/80s
NZD/USD Price Analysis: Bears eye break of daily support for a run to weekly demand area, 0.6150/80s
- NZD/USD consolidates, awaiting the next impetus.
- Bears eye a break of critical daily support.
The RBNZ’s Q2 Survey of Expectation is coming up today and the pressure is on from a technical standpoint. NZD/USD has been pressured in a weekly decline with eyes on a move to test the 0.6170s as the following illustrates:
NZD/USD weekly chart
The price is mitigating the price imbalance between June 2020 and April 2020 with some 100 pips to go until the move is complete.
NZD/USD daily chart
The price has already corrected a 38.2% Fibonacci retracement on the spike from yesterday's trade, but there could be some more to come in that regard before further moves to the downside.
NZD/USD H1 chart
The price is consolidating on the hourly chart and traders will await for an impetus if there is not a technical break one way or the other.
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