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- NZD/USD Price Analysis: Bulls on charge on the front side of key trendline support
NZD/USD Price Analysis: Bulls on charge on the front side of key trendline support
- NZD/USD bears need a break of support to target 0.5800.
- The bulls remain on the front side of key trendline support.
NZD/USD has found a bid on the day so far with the US dollar ebbing ahead of the Federal Reserve and following a mixed New Zealand jobs report. As the following will show, the price is climbing a daily trendline, but the W-formation on the weekly chart is troublesome.
NZD/USD weekly chart
The formation is a reversion pattern that would be expected to see the price correction back into the neckline, but this may be a premature assumption.Meanwhile, the price is climbing a daily support line as follows:
The hourly picture shows the price balanced on a key hourly support structure:
A break here opens risk to the trendline with 0.5800 the figure on the cards. On the upside, 0.5900 is the price to get over.
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