NZD/USD is stacking up for a downside correction with 0.6350 eyed as a potential support area that could be met should the bulls continue to throw in the towel following Wednesday's surge related to the US CPI data.
The price is stalling on the bid and a downside correction could be on the cards for the days ahead.
The price needs to get below the volumes seen around 0.6380/90 and in doing so, it will be moving in on the 38.2% Fibonacci retracement level. If this were to give, then there will be prospects of a 50% mean revision of the hourly bullish impulse. Below there, 61.8% and 78.6% will come into focus that guards a run to the neckline of the daily chart's W pattern around 0.6280/6315.
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