NZD/USD Price Analysis: Bulls taking on the bears at critical 4-hour resistance

NZD/USD bulls taking back control and a break of 4-hour resistance.
Bulls seeking a fresh daily impulse and weekly high.

Ross J Burland FXStreet

NZD/USD is in a bullish environment according to the following top-down analysis and harmony throughout the various time frames.

The bird is on the verge of a breakout of 4-hour resistance which is the foundations of a daily bullish impulse and fresh weekly highs.

Monthly chart

The bulls are above prior resistance that would be expected to act as new support in what is the current makings of a fresh monthly bullish impulse.

Weekly chart

The price is trapped between support and resistance at this juncture but the bias is bullish considering the higher lows and prospects of a break of resistance.

Daily chart

There is a bullish bias aligning with both the monthly and weekly time frames.

The price is holding as the prior resistance and is firmly above the dynamic supporting trendline.

traders will be looking for bullish conditions on the lower time frames for an optical entry to target a test of the daily resistance seeking to get into a breakeven position on the way there.

4-hour chart

Progress, breaking through the 21-EMA

As illustrated, the price action is going according to the forecast, so far, so good.

That being said, the big test will be the current resistance.

A break of which will be highly bullish for the pair from which traders will start to roll up their sleeves.

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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