#NZDUSD @ 0.58325 bears could be about to pounce noting the trendline structures.
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- NZD/USD bears could be about to pounce noting the trendline structures.
- If bulls commit, there will be prospects of a breakout to the 61.8% Fibo.
NZD/USD could be coming up for its last breath on Thursday for the high of the week. The following illustrates the structure of the market from a 1-hour perspective and a 15-minute scenario for the day ahead should the bears step in and the bulls capitulate towards the end of the week across the next few sessions.
The price has carved out a climb-the-stairs trajectory over the past couple of days having pout in a potential low of the week on Monday while being in the process of putting a high of the week on Thursday. The micro trendline was broken in at the start of Asia day in the roll-over hour and we have seen a move into those shorts into Tokyo. This could eventuate in a peak formation for a top of the three-day series of higher highs and consequently lead to a slide as follows:
The 15-min levels are shown as 0.5820, 0.5787, 0.5775, 0.5765, 0.5750, 0.5740 and 0.5728 on the way down in what could be a cascade of market orders protecting long in-the-money positions. If there is to be a slide, if it isn’t parabolic, then it could look something like as follows:
On the other hand, if the bulls commit, then the weekly 61.8% Fibo could be targetted near 0.5940 structure:
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