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- NZD/USD Price Analysis: Bulls breaking structures left, right and center
NZD/USD Price Analysis: Bulls breaking structures left, right and center
- NZD/USD bulls are on the front side of the micro bull trend.
- NZD/USD bulls are moving in and eye a run to the 0.6180s.
NZD/USD has rallied at the start of the week on a softer US Dollar. The pair is 0.45% higher and has rallied from a low of 0.6125 to a high of 0.6166 so far.
The bulls have accumulated the market down low near 0.6120 and the price has subsequently burst through the prior channel´s highs at 0.6161 as the following illustrates:
Zooming in, we can see that the price moved beyond a prior cluster of support but has hit a brick wall just above it at the next layer of old support in the 0.6160s. A pullback into the trendline support is a possibility where buying interest could emerge again somewhere within the Fibonacci scale, in and around trendline support.
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