Bulls moving in for possible run towards trendline resistance – Crypto News – Crypto News
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AUD/NZD eyes a break above 1.1700 on the downbeat NZ Retail Sales AUD/NZD eyes a break above 1.1700 on the downbeat NZ Retail Sales

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Bulls moving in for possible run towards trendline resistance – Crypto News

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2 years ago

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  • NZD/USD bulls coming into the market.
  • Bearish impulse could be on the verge of a significant correction.

USD/NZD bears are lurking in a shallow correction of the daily bearish impulse as the following will illustrate in a top-down analysis starting on the daily charts,

NZD/USD daily chart

The price is embedded below prior support structure that could now be expected to act as resistance on the correction.

However, if the bears fail to fend off the bulls, the Fibonacci The scale will then come into focus near 0.6150 which guards a move to test the trendline resistance.

USD/NZD H4 chart

The price may already be on the verge of extending lower on a break of support.

NZD/USD H1 chart

On the hourly chart, 0.6050 is an important support level that guards risk to rest the lows.

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