NZD/USD Price Analysis: Bulls must hold the fort in the 0.6680's

Bulls moving in at a 4-hour 50% mean reversion mark.
The is a risk of a significant move to the downside if 0.6680 is broken.

Ross J Burland FXStreet

As per the prior analysis, NZD/USD flying towards 0.67 the figure despite Russia angst, the bird crept higher for a deeper test of the M-formation's neckline.

NZD/USD prior analysis

As can be seen in the chart above, the price was moving higher with a bullish conviction for the week. Despite the ebbs and flows of risk sentiment supporting Russia, the bird has managed to hold onto the bulls and keeps rising:

NZD/USD H4 chart

The bulls may start to look to jump in again at a discount from the 50% mean reversion mark for the sessions ahead. If not, then there is a considerable risk of a significant move to the downside if 0.6680 is broken.

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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