NZD/USD Price Analysis: Bulls and bears fight it out between key daily structure levels
- NZD/USD bulls eye 0.6550 resistance and between 0.6645 and 0.6720 higher up.
- The bears target a break below 0.6190.
While NZD/USD recovered from Friday's collapse, it remains bound by key resistance and support on the daily chart and has not managed to break the seal of 0.63 the figure so far this week. The following illustrates the sideways range and prospects of breaks of key structure levels.
NZD/USD Price Analysis
The bulls need to get above 0.6350 and the bears below 0.6190. 0.6280, meanwhile guards the upside of that range following the reversion to the neckline of the M-formation.
To the upside, in a full-on breakout of the trendline resistance that the price is accumulating outside of, there is an area of price imbalance that could well be targetted once 0.6550 resistance is overcome. That area is between 0.6645 and 0.6720.
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.
