NZD/USD Price Analysis: Bulls move in on critical daily resistance

NZD/USD bulls are moving in on a critical daily resistance.
The price has corrected the hourly bullish impulse to the 38.2% Fibonacci.
There are prospects of a deeper run to test the hourly 61.8% golden ratio that aligns with prior resistance.

Ross J Burland FXStreet

NZD/USD is higher entering into early Asia on Friday. There is some hesitation in the markets as to the prospects of a hard landing in the US which has stripped the US dollar of some of its appeal. Technically, the NZD is attempting to break higher:

NZD/USD prior analysis

The weekly bearish impulse has been in need of a correction. The correction is underway and this could correct as far as the prior support and beyond 0.64 the figure.

The build-up of daily resistance was being challenged which supported the bullish outlook:

The price was attempting to break through the resistance, with eyes set on the 38.2% ratio at 0.6350 that guarded a 61.8% ratio where prior support near 0.6430 was eyed.

NZD/USD live market

The price has moved in on the resistance as illustrated above, respecting the forecasted price trajectory along the way there. There are still prospects of a continuation to test the 61.8% fully but 0.64 the figure will need to give way as per the following analysis on the hourly time frame:

NZD/USD H1 chart

The price has corrected the bullish impulse to the 38.2% Fibonacci but the correction has strength in the price action, so there are prospects of a deeper run to test the 61.8% golden ratio that aligns with prior resistance.

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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