NZD/USD Price Analysis: Bulls struggle to get through critical resistance – by fx_ross NZDUSD Technical Analysis
Bears are lurking and there is a case for both sides of the market. , the pair was destined for a move deeper into the sell-off and has been testing the vicinity of the 50% mean reversion as follows:It was explained that the downside has been decelerating, correcting into what could become resistance:
However, the bulls committed and headed into the structure and resistance near the 38.2% Fibonacci level ahead of a 50% retracement thereafter. meets where prices were agreed, so this would be expected to act as the firmest of the resistances. If it holds, the price could be sold off heavily in the near term, but if it breaks, a deeper correction will be on the cards for the days ahead.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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