#NZDUSD @ 0.60928 bulls are lining up at a key support area on the lower time frames.
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- NZD/USD bulls are lining up at a key support area on the lower time frames.
- The trendline resistance is holding things up, but a breakout could be immanant.
NZD/USD is trapped below a trendline resistance but there is a bullish structure that is forming on the 4 and 1-hour charts as the following analysis illustrates. However, there is still a lot of work that needs to be done before a breakout to the upside can fully unfold. The Reserve Bank of Australia could be the catalyst to move the needle in the antipodeans for the day ahead.
We have a series of bullish W-formations on the table. This signifies a breakout to the upside could be imminent. Encouraging, we also have two inside bars and a break of the prior candle’s highs, near 0.6105 will likely solidify the bullish case.
The hourly time frame has seen a pull back into the support area that coincides with a 61.8% ratio that is so far holding up, so this adds to the bullish conviction for the near term.
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