NZD/USD Price Analysis: Weekly M-formation in play, bulls look to 0.6950, bears to 0.6700

NZD/USD bulls stepping in at critical daily support.
Bulls will aim for a breakout of recent highs towards 0.6950.
Bears seeking a break of the daily support are a retest of current lows near 0.67 the figure.

Ross J Burland FXStreet

NZD/USD is attempting to correct to the upside and the following illustrates the M-formation's neckline on the weekly chart where bulls could be headed.

NZD/USD weekly chart, M-formation

Daily chart

The daily chart is a complex mix of choppy price action that could instead be thought of as accumulation. Buyers are building a portfolio of a position averaging out at the cheapest price possible.

However, given the strength of the recent sell-off, there is every possibility of a continuation of the downside still:

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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