NZD/USD Price Analysis: Bulls engaged at H4 support, eye 0.7050

NZD/USD bulls are stepping in at 4-hour support.
Bulls are looking for a continuation of the bull trend for fresh daily highs.

Ross J Burland FXStreet

NZD/USD is setting up for a possible bullish continuation on the daily chart and the following illustrates the market structure there and lower down on the 4-hour chart:

NZD/USD daily chart

The price has corrected back to test the prior resistance that is now acting as support. Should this hold, the bulls could be encouraged to commit to the broader bullish trend and a higher high could be on the cards for the foreseeable future. 0.7050 will be a focus in this regard.

NZD/USD H4 chart

The 4-hour chart shows the price establishing a support structure from which the bulls have engaged at. A break of the recently printed 4-hour highs near 0.6960 would be encouraging.

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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