- NZD/USD bears are in control below critical daily resistance.
- bears will seek a break of near term support and a downside continuation below recent daily lows.
As per the prior analysis, NZD/USD Price Analysis: Bears lurking at 21-day EMA, the bears are indeed in control from anticipated resistance and a downside daily extension could be on the cards.
Prior analysis
”NZD/USD is testing the bearish commitments from the prior support structure that would be expected to act as resistance.
A 50% mean reversion is significant and failures at resistance could lead to a downside continuation below the current daily support structure.”
”The 21-EMA and the confluence with the prior lows and the 50% mean reversion level offers a convincing case for the bears.”
Live market analysis, daily chart
Bears taking out the 21-day EMA to the downside is significant and a break of a family liquidity zone that is current support will be convincing.
A continuation to the downside below the prior daily lows is on the cards at this juncture but a daily close below the current structure would be preferable as further confirmation.
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