NZD/USD Price Analysis: Bulls defending the 38.2% Fibo support
|- An upside extension in NZD/USD on the hourly chart is to play for in a weak US dollar environment.
- NZD/USD bulls are seeking a break of resistance.
It has been a bust start to the week for the bird with the ope offering a considerable downside gap only to be met with strong demand in European trade on the back of a vicious slide in the greenback:
DXY daily chart
The price action has distorted the downside bias and leaves prospects of an hourly bullish extension on the table as follows:
NZD/USD, 1-hour chart
So far, there is strong resistance on bullish attempts, but the price is holding at a 38.2% Fibonacci confluence that meets prior resistance structure looking left.
The bulls can continue to monitor for bullish price action and structure on a lower time frame for an optimal entry:
30-min chart
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