NZD/USD Price Analysis: Bulls eye a run to 0.6340s on USD weakness

NZD/USD bulls moving back in from support.
Eyes turn to weakness in the greenback at the start of the week.

Ross J Burland FXStreet

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.

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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