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- NZD/USD Price Analysis: Bulls move in to a key H1 resistance area
NZD/USD Price Analysis: Bulls move in to a key H1 resistance area
- NZD/USD bulls take back control but are yet to break into blue skies.
- The bird's wings are clipped below the hourly structure and below the counter trendline resistance.
Following the Federal Reserve's dovish outcome, NZD/USD has rallied, correcting what was a break of trendline support on the hourly time frame and has moved in on a key resistance area. The price is now bound by support and resistance as the following illustrates.
NZD/USD H1 chart
The price will need to break the counter-trendline resistance as well as the horizontal resistance as illustrated on the chart above. Meanwhile, a correction could be on the cards to the downside with the key Fibonaccis marked in red that aligns with market structures. If they were to give out to the bears, then the final hurdles, marked by green dashed support lines, will need to be taken out if the prioce is to revisit a potential demand zone between 0.6100 and 0.6120.
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