NZD/USD Price Analysis: Bears about to reengage for another push to fresh lows
- 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 update
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.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
