NZDUSD @ 0.63463 – Price Analysis: Bulls move in on a critical 4-hour resistance
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- NZD/USD on the 4-hour chart will need to overcome the resistance near 0.6350,
- Bears will be looking for a move to test 0.63 the figure.
The Kiwi is little changed from yesterday after bouncing as the USD DXY came off highs. The focus is now on today’s Reserve Bank of New Zealand MPS and the kiwi is treading water in the lead-up. The following illustrates the prospect of a move higher from a key area of support on the charts.
The price fell to a 61.8% Fibonacci retracement on the daily chart where it meets the neckline of the W-formation as illustrated above. On the other hand, a break of the trendline support will open risks of a significant move lower:
NZD/USD on the 4-hour chart will need to overcome the resistance near 0.6350 or face the prospects of a bearish continuation into 0.63 the figure.
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