NZDUSD – corrective pullback Into key support
|Price Action Context
During the last 2 trading days, we can see that the kiwi has been trading lower in a slow/corrective fashion into an area of key support. Compared to this pullback, the bullish moves prior to this pullback were much faster/stronger, suggesting that order flow short-term is imbalanced towards the buyers.
Trending Analysis
If bulls are able to successfully defend this area of support, another impulsive move higher is likely to follow this pullback with 0.6030 being the closest area of resistance to look out for. Should we on the other hand see a strong break and close below 0.5880, we’ll likely see more downside, with the closest support coming in at 0.5790.
Long-Term Key Support & Resistance Zones
Long-Term Resistance: 0.6030 – 0.6070
Long-Term Support: 0.5880 – 0.5925
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