NZD/USD Price Analysis: Bears eye a break of 0.6300
|- NZD/USD has crept into a key area in choppy market conditions.
- The bears now need to get below 0.6300 to open risk to 0.6250.
As per the prior analysis, NZD/USD Price Analysis: Bears attempt to take control at a key support structure at 0.6340, the bears moved in and took over at 0.6340 and consequently pierced 0.6300. However, it has been a bumpy ride due to the Bank of Japan that shocked markets on Tuesday with a surprising tweak to its bond yield control.
NZD/USD prior analysis
The price had swept the liquidity near 0.64 in the form of stops and this had resulted in a move lower and a change of charter (CoCh MTF (multi time frame)) in structure, from bullish to bearish, on the lower time frames around 0.6370.
However, it was stated that the bears would only be in the clear once a change of structure in the 4-hour time frame had occurred in a break of 0.6340.
NZD/USD update
The price has crept into the targetted area in choppy market conditions. The bears now need to get below 0.6300. This will take out critical trendline support and be the makings of a possible downside continuation for the rest of the year with 0.6250 eyed:
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