- Analytics
- News and Tools
- Market News
- NZD/USD Price Analysis: Bears stay in control but correction could be on the cards
NZD/USD Price Analysis: Bears stay in control but correction could be on the cards
- NZD/USD bulls are moving as the weekly cycle gets underway on the bid.
- Bears will eye the 50% mean reversion as a structure to protect.
New Zealand Dollars took a step back due to a number of factors on Friday, including a drop in European bond yields that ended up benefiting the US dollar ahead of the critical jobs data. The price dropped to test a key support area but the bulls are looking to step in. As part of the weekly cycle, we can see that there are now prospects of a correction to start the week to set up the moves for midweek.
NZD/USD daily chart
The price dropped to test a key support area but the bulls are looking to step in. As part of the weekly cycle, we can see that there are now prospects of a correction to start the week to set up the moves for midweek. A break of 0.6300 will be required to flip the bias into the bear's favour despite the market being on the backside of the broken trend. The 0.6500 areas are the key objective for the bulls but should the bears commit at a 50% mean reversion near 0.6420, then that should be fueling the appetite for the next major move to the downside.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
