NZD/USD Price Analysis: Bears on verge of test of trendline support

NZD/USD is uner pressure in early Asia and has moved into a bearish environment.
There has been a rejection of the correction which opens prospects of a retest of trend line support.

Ross J Burland FXStreet

NZD/USD is failing to correct higher than a 38.2% Fibonacci retracement of the latest downside impulse and is now trading below a 15-min 21 moving average in bearish conditions.

This gives rise to the possibility of another test of the trendline support and a lower low on the hourly time frame.

H1 chart

15-min chart

A restest of the most current 15-minute resistance structure offers the trader a discount in the pursuit of lower 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.

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