NZD/USD Price Analysis: Bulls step in and eye the 0.6000s
- The bird is firming following a significant sell-off.
- NZD/USD bulls eye a move into the 0.6000 area for the day ahead.
NZD/USD bulls have shown up in the final session of the week in Tokyo as the bird grounded in the mid-way point of the 0.59 area. The move was telegraphed in the following analysis and the prospects are for a correction of the bearing impulse into the 38.2% Fibonacci of the bearish impulse as follows:
NZD/USD prior analysis
The W-formation's support was cited as a key feature, but this gave way as the US dollar continue its reign for a little while longer before the bulls threw in the towel:
However, the bulls committed and headed into the structure and resistance near the 38.2% Fibonacci level ahead of a 50% retracement thereafter.
NZD/USD H4 chart
The price is now showing signs of a bullish correction for the session ahead with 0.6000 on the radar.
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.
