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NZD/USD Price Analysis: Bulls and bears fight it out between key daily structure levels

  • NZD/USD bulls eye0.6550 resistance and between 0.6645 and 0.6720 higher up.
  • The bears target a rest below 0.6190.

While NZD/USD recovered from Friday’s collapse, it remains bound by key resistance and support on the daily chart and contains not were able to break the seal of 0.63 the figure up to now this week. The next illustrates the sideways range and prospects of breaks of key structure levels.

NZD/USD Price Analysis

The bulls have to get above 0.6350 and the bears below 0.6190. 0.6280, meanwhile guards the upside of this range following reversion to the neckline of the M-formation.

To the upside, in a full-on breakout of the trendline resistance that the purchase price is accumulating beyond, there is a location of price imbalance which could well be targetted once 0.6550 resistance is overcome. That area is between 0.6645 and 0.6720.

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