NZD/USD Price Analysis: Bears moving in for the low hanging fruit

NZD/USD bears could be about to move in.
The 0.6350s is vulnerable to a restest in the coming sessions.

Ross J Burland FXStreet

NZD/USD is stacking up for a downside correction with 0.6350 eyed as a potential support area that could be met should the bulls continue to throw in the towel following Wednesday's surge related to the US CPI data.

NZD/USD daily chart

The price is stalling on the bid and a downside correction could be on the cards for the days ahead.

NZD/USD H1 chart

The price needs to get below the volumes seen around 0.6380/90 and in doing so, it will be moving in on the 38.2% Fibonacci retracement level. If this were to give, then there will be prospects of a 50% mean revision of the hourly bullish impulse. Below there, 61.8% and 78.6% will come into focus that guards a run to the neckline of the daily chart's W pattern around 0.6280/6315.

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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