NZD/USD Price Analysis: Bears bail out ahead of CPI

NZD/USD traders await to see how the land lies after the NZ CPI today.
Bears have taken profits at key trendline support.

Ross J Burland FXStreet

As per the prior analysis, NZD/USD Price Analysis: Bulls seek a break of key trendline resistance, whereby a correction was underway and a continuation would be eyed for in due course, we have seen bears move into a 50% mean reversion area while leaving room on the table for a deeper move should today's data warrant it.

NZD/USD prior analysis

The trendline resistance has kept the bears in play, so far:

We saw a false break of the trendline and a strong move to the downside to test trendline support on the way to last month's highs. Bears have moved about ahead of the data as the 0.62s come under pressure.

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.

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