NZD/USD Price Analysis: Bulls step in at a critical area of weekly support

NZD/USD bulls are moving in at weekly support.
Wycoff style accumulation could be playing out.

Ross J Burland FXStreet

The antipodeans have been wrong-footed by a strong US dollar ahead of the Federal Reserve meeting this week. The kiwi has been sent down to fresh cycle lows vs. the greenback where it is now consolidating as per the following analysis:

NZD/USD H1 chart

The price has moved into a phase of consolidation as it comes within a stone's throw of the weekly support structure as illustrated below. The schematic on the hourly chart is shaping up to be a Wycoff style accumulation and a bullish correction could be on the cards on the longer-term charts.

NZD/USD weekly chart

If the bulls commit at this juncture, then a move into the test of the various prior support structures would be probable.

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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