NZD/USD Price Analysis: Bulls eye a run to 0.6220

NZD/USD bulls are making their moves in the Tokyo open.
The price is being resisted but a break of 0.6195 will open the risk of an upside continuation for the day ahead.

Ross J Burland FXStreet

NZD/USD is a compelling playbook on the hourly chart. The price has been attempting to break higher but bouts of US dollar strength have so far kept the bulls in check. Nevertheless, the technicals lean bullish as per the following analysis:

NZD/USD H1 chart

The price is has left a Gartley pattern and the upside target aligns with prior resistance and structure. The bulls have moved in during the Tokyo open and are attempting to take out the first resistance near 0.6195. The support is now the neckline of the W-formation near 0.6190, give or take. Should this hold, then a break of the Tokyo highs will open the risk of an upside continuation for the day ahead.

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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