NZD/USD Price Analysis: Bears in control and eye break of critical structures

NZD/USD is weakening and bears are in control.
NZD/USD bears are eyeing key trendline supports and structures.

Ross J Burland FXStreet

NZD/USD is down on the day and heading toward key trendline support. At the time of writing, NZD/USD is trading at 0.6234 having traveled between a low of 0.6230 and a high of 0.6254. The following illustrates the series of breaks in structure and the prospects of a downside correction.

NZD/USD daily chart

The price has been slicing through various levels of structure over the course of the year and 0.6064 is eyed on a break of the dynamic trendline support.

NZD/USD H1 chart

From an hourly perspective, 0.6220 and 0.6200 are key structures should the bears manage to keep control below what will be considered as counter-trendline resistance.

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.