NZD/USD Price Analysis: Bulls eye a move to the 38.2% Fibo and beyond

• NZD/USD bulls are moving in and eyeing a deeper correction.
• The price is on the way to the key Fibos of the sell-off range.

At this juncture, the W-formation's support is key. If the bulls commit, then the price will be destined for structure and resistance near the 38.2% Fibonacci level ahead of a 50% retracement thereafter. This is a level that meets the bounce halfway through the sell-off (the green candle) where the 78.6% Fibonacci meets where prices were agreed, so this would be expected to act as the firmest of the resistances. 

As per the prior analysis, NZD/USD bulls are moving in for the last day of the week from key support, the bird did indeed rally but ran into critical resistance and subsequently has fallen in the wake of a fresh bid in the US dollar. 

Prior analysis, H1 chart

The bulls were holding at the W-formation's neckline support which was expected to give rise to an impulse higher for the day ahead. 

NZD/USD update, H1 chart

The price moved up from the expected support level in a grind higher until the key US inflation data hit the screens. However, the pair is now decelerating, correcting into what could become resistance for the day ahead:

At this juncture, the W-formation's support is key. If the bulls commit, then the price will be destined for structure and resistance near the 38.2% Fibonacci level ahead of a 50% retracement thereafter. This is a level that meets the bounce halfway through the sell-off (the green candle) where the 78.6% Fibonacci meets where prices were agreed, so this would be expected to act as the firmest of the resistances.