- NZD/USD bears home in on the 0.6250s demand area.
- Bulls are lurking below spot with their sights on the 0.6340s.
As per the prior analysis from earlier on Wednesday, NZD/USD Price Analysis: Bulls lurking near 0.6250, rallies to 0.6340 eyed, the bird has fallen out of the sky but could be destined for a soft landing in the 0.6250s.
NZD/USD prior analysis
In the 1-hour chart above, it was explained that there was ''a recent break of structure to the upside.'' It stated that ''should the price fail to move higher from the 38.2% Fibo area near 0.6280, then there is a higher probability that the price imbalance between 0.6270 and 0.6261 will be mitigated which guards the mid point of the demand area, or order block (OB) at 0.6252.''
On the flip side, it was argued that ''this would be expected to result in a flurry of bids and a subsequent run towards liquidity towards 0.6340.''
NZD/USD live market
Progress has been made towards the demand area with a low of 0.6259 printed so far.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.