NZD/USD Price Analysis: Bulls seek out 0.6300 while bears eye signs of distribution – by fx_ross NZDUSD Technical Analysis
Bulls eye a run to test 0.6300 while above 0.6250., whereby the bulls were creeping higher in Asian trade despite the ground it had already made since the central bank events in the week, fresh highs were made as follows: While the trendline broke, the support held and the price moved higher. At this juncture, the bulls need to commit in the upper quarter of the 0.62 area. However, the tweezer top is a bearish candle stick combination pattern that shows sellers are in the market.
With that being said, it would be unusual for the market to simply melt without a revisit to the peak formation as distribution takes a while to play out, usually as per the following topping scenario on the 15-minute chart:Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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