- NZD/USD shows a likelihood of a continuation to the downside.
- The 0.6180 structure is the line in the sand.
As per the prior analysis, NZD/USD Price Analysis: Bears eye a continuation to 0.6120, the bias remains bearish as the following will illustrate.
NZD/USD prior analysis
NZD/USD was embarking on a run to test a 50% mean reversion level of the prior bearish impulse as follows:
There was a break in structure, however, which opened the prospects of a downside continuation:
0.6120 was eyed as the -272% Fibo in this regard while 0.6100 and 0.6080 came as the next levels of interest.
NZD/USD bears have moved in and pierced the 0.6161 structure to open the gates for further downside for the sessions ahead.
We can see the break in the structure and given the current daily wick, it can be expected to be filled in on the lower time frames as follows:
NZD/USD M15 chart
The 0.6180 structure is the line in the sand and a break of this will likely firm up the likelihood of a continuation to the downside to filling the wick and break to fresh lows.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.