NZD/USD Price Analysis: Bears eye break of daily support for a run to weekly demand area, 0.6150/80s
|- NZD/USD consolidates, awaiting the next impetus.
- Bears eye a break of critical daily support.
The RBNZ’s Q2 Survey of Expectation is coming up today and the pressure is on from a technical standpoint. NZD/USD has been pressured in a weekly decline with eyes on a move to test the 0.6170s as the following illustrates:
NZD/USD weekly chart
The price is mitigating the price imbalance between June 2020 and April 2020 with some 100 pips to go until the move is complete.
NZD/USD daily chart
The price has already corrected a 38.2% Fibonacci retracement on the spike from yesterday's trade, but there could be some more to come in that regard before further moves to the downside.
NZD/USD H1 chart
The price is consolidating on the hourly chart and traders will await for an impetus if there is not a technical break one way or the other.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.