NZD/USD Price Analysis: Bears in control and eye break of critical structures
|- NZD/USD is weakening and bears are in control.
- NZD/USD bears are eyeing key trendline supports and structures.
NZD/USD is down on the day and heading toward key trendline support. At the time of writing, NZD/USD is trading at 0.6234 having traveled between a low of 0.6230 and a high of 0.6254. The following illustrates the series of breaks in structure and the prospects of a downside correction.
NZD/USD daily chart
The price has been slicing through various levels of structure over the course of the year and 0.6064 is eyed on a break of the dynamic trendline support.
NZD/USD H1 chart
From an hourly perspective, 0.6220 and 0.6200 are key structures should the bears manage to keep control below what will be considered as counter-trendline resistance.
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