NZD/USD bears looking for a weekly extension to 0.6450
|- NZD/USD is in the hands of the bears from a longer-term outlook.
- Bulls may take back control from here, but only until daily resistance.
NZD/USD is under pressure from a weekly perspective, but there needs to be some confirmation on the daily chart.
The following is a combined analysis of both time frames which illustrates the potential for a discount for the bears targeting 0.6450.
Weekly chart
As can be seen, the weekly picture is clear and the bears can seek to take back control following a significant retracement that meets resistance.
Daily chart
However, the daily chart has already shown a strong bearish impulse that perhaps needs to correct first.
A correction to the resistance structure will offer a discount to the bears.
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