- NZD/USD bulls moving back in from support.
- Eyes turn to weakness in the greenback at the start of the week.
As per the prior series of analyses found here, NZD/USD Price Analysis: Bulls in control and eye 0.6330/40s, the kiwi moved in on the projected area, not quite as far as the potential so far, and is mitigated some of the price imbalance left behind at the start of the week.
NZD/USD prior analysis
It was stated that the sights were ''left on the upside price imbalance with offers left unmatched between 0.6318 and 0.6327.''
The targetted area was reached and the market has since moved in on the W-formation's neckline:
NZD/USD live market
The neckline of the formation could offer some support, especially given the prospects of the downside in the DXY which is trying to break away from the prior lows as it takes out structure:
In doing so, this will put the kiwi bulls back in charge and the prior targets, 0.6340s, on the map again.
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