#NZDUSD @ 0.62291 bulls in the market and eye a break of trendline resistance.
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- NZD/USD bulls in the market and eye a break of trendline resistance.
- 0.6200 is key in this regard as a critical support area.
After the New Zealand dollar dropped 7 on Monday, moving away from a near two-week high in the previous session, the currency is back in charge vs. the US Dollar and the following illustrates the market structure.
The weekly chart shows the price moving into the neckline resistance area that is below the trendline resistance. A move beyond the neckline leaves the trendline resistance vulnerable.
The price is running towards a micro daily trendline resistance but a correction from around the resistance could play out.
The bears could be looking to target the 38.2% Fibonacci in this regard on a Fibo measurement drawn between the swing lows near 0.6160 and the trendline resistance. There is a price imbalance in the greyed area on the 4-hour chart that could be mitigated if the bulls stay in control.
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