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- NZD/USD Price Analysis: Bulls reaching into a key area of resistance
NZD/USD Price Analysis: Bulls reaching into a key area of resistance
- NZD/USD is firm on the session so far, testing a critical area of resistance.
- Bears are looking for a fade into key support.
NZD/USD was a string performer overnight, and according to Bloomberg, it remains the best-performing G10 currency week to date. The following, however, highlights the potentially significant area of resistance and prospects for a meanwhile correction:
NZD/USD H1 chart
NZD/USD is riding a steep trendline support with a focus on the 0.6380s as a potentially key resistance area:
The W-formation is a reversion pattern and this might be expected to pull the market lower toward the neckline of the pattern and the trendline support between a 38.2% Fibonacci and 50% mean reversion:
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