NZD/USD Price Analysis: Bears moving in on prior suppport
|- NZD/USD bears are taking control at the start of the week.
- Bears to target significant prior daily support.
NZD/USD is on the verge of a downside extension following a significant correction from a critical resistance area on the hourly chart as follows:
Hourly chart
As illustrated, the M-formation on the hourly chart has seen the rejection from the neckline of the 61.8% retracement level.
The price would now be expected to break the prior lows and test bullish commitments at the next support structure.
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