NZD/USD Price Analysis: Bears eye a break of 0.6300

NZD/USD has crept into a key area in choppy market conditions.
The bears now need to get below 0.6300 to open risk to 0.6250.

Ross J Burland FXStreet

As per the prior analysis, NZD/USD Price Analysis: Bears attempt to take control at a key support structure at 0.6340, the bears moved in and took over at 0.6340 and consequently pierced 0.6300. However, it has been a bumpy ride due to the Bank of Japan that shocked markets on Tuesday with a surprising tweak to its bond yield control.

NZD/USD prior analysis

The price had swept the liquidity near 0.64 in the form of stops and this had resulted in a move lower and a change of charter (CoCh MTF (multi time frame)) in structure, from bullish to bearish, on the lower time frames around 0.6370.

However, it was stated that the bears would only be in the clear once a change of structure in the 4-hour time frame had occurred in a break of 0.6340.

NZD/USD update

The price has crept into the targetted area in choppy market conditions. The bears now need to get below 0.6300. This will take out critical trendline support and be the makings of a possible downside continuation for the rest of the year with 0.6250 eyed:

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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