NZDUSD bulls are out of luck at this juncture.
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- NZDUSD bulls are out of luck at this juncture.
- Bears look for a downside extension to the daily trendline.
The Antepodians have stalled into Thursday, reversing track as the US Dollar hardens while traders braced for any upside surprise in the upcoming US inflation report while US yields rallied on a soft US Treasury auction. As per the prior analysis, NZDUSD Price Analysis: Bulls holding above key 0.5950 as bears try to take back control, where it was explained that the pair was testing the commitments of the bulls at the next micro trendline, 0.5950 is important in this regard, the following played out:
Update:
As for the daily chart, the price was bounded by resistance and it was stated that the doji could turn out to be pivotal for the pair and week:
If the bears commit, then there will be prospects of a test of the broader trendline and a move into the key Fibonacci near 0.5850 in a 50% mean reversion:
Update…
We are still some ways to go yet and the engulfment of the doji could be significant, propelling the pair lower depending on the outcome of the US inflation data perhaps.
For the hourly template, this could mean a continuation is in order for the hours ahead:
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