NZD/USD Price Analysis: Bears take on bulls they break into the 0.6200s, with 0.6250 eyed

NZD/USDs move in on the Fibonacci scale .
0.6250 is eyed on a break of the resistance near 0.6225.

Ross J Burland FXStreet

NZD/USD month end could realise month-end rebalancing that implies NZD buying ahead of the Federal Reserve's Chairman, Jerome Powell, speaking later today. The following illustrates the technical outlook in a top-down analysis:

NZD/USD H4 chart

The 4-hour chart is showing signs of deceleration on the bid, with the price now on the back side of the micro trendlines. However, the lower time frames are bullish in Asia as follows:

If the support in the Fibonacci scale holds, then there will be prospects of a bullish continuation to find liquidity on the other side of the range as illustrated above. 0.6250 is eyed on a break of the resistance near 0.6225.

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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