NZD/USD Price Analysis: Bulls taking on the hourly resistance ahead of RBNZ

NZD/USD meeting critical resistance ahead of RBNZ.
4-hour support is compelling on a break of hourly structure.

Ross J Burland FXStreet

There are downside prospects ahead of the Reserve Bank of New Zealand event today as the following illustrates from an hourly and 4-hourly perspective.

Hourly chart

The price is testing hourly resistance ahead of the event, supported by the hourly support structure.

4-hour chart

From a 4-hour perspective, the downside is compelling with respect to the W-formation and a 38.2% Fibonacci could be on the cards which would clear the hourly support.

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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