News

NZD/USD Price Analysis: Bulls eye a run to 0.6220

  • NZD/USD bulls are making their moves in the Tokyo open.
  • The price is being resisted but a break of  0.6195 will open the risk of an upside continuation for the day ahead.

NZD/USD is a compelling playbook on the hourly chart. The price has been attempting to break higher but bouts of US dollar strength have so far kept the bulls in check. Nevertheless, the technicals lean bullish as per the following analysis:

NZD/USD H1 chart

The price is has left a Gartley pattern and the upside target aligns with prior resistance and structure. The bulls have moved in during the Tokyo open and are attempting to take out the first resistance near 0.6195. The support is now the neckline of the W-formation near 0.6190, give or take. Should this hold, then a break of the Tokyo highs will open the risk of an upside continuation for the day ahead.

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.