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- NZD/USD Price Analysis: Bulls and bears battle it out at key support
NZD/USD Price Analysis: Bulls and bears battle it out at key support
- NZD/USD is trapped within a familiar 100 pip range following a series of higher highs.
- The bears look for a break of 0.5780 to open risks towards 0.5750.
NZD/USD bulls have been climbing the ranks at the start of this week and ate homing in on a test of the upper 0.58s for the days ahead. The following illustrates the price behaviours across the daily and hourly time frames as follows:
NZD/USD daily chart
The bird is perched on top of a key daily structure as shown in the chart above with prospects of a move higher towards the presumed resistance area as marked by the red channel. However, the bulls will need to maintain control here, as per the hourly structure drawn below around 0.5790, or face pressures potentially all the way back to the 0.5750s:
NZD/USD H1 chart
The price has been consolidating over the past few days within a familiar 100 pip range and is threatening to break below key support. Of the bulls do commit, a break of 0.5835 could be significant in opening prospects back towards the highs of near 0.5770.
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