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  • NZD/USD is in the hands of the bears from a longer-term outlook.
  • Bulls may take back control from here, but only until daily resistance.

NZD/USD is under pressure from a weekly perspective, but there needs to be some confirmation on the daily chart.

The following is a combined analysis of both time frames which illustrates the potential for a discount for the bears targeting 0.6450. 

Weekly chart

As can be seen, the weekly picture is clear and the bears can seek to take back control following a significant retracement that meets resistance.

Daily chart

However, the daily chart has already shown a strong bearish impulse that perhaps needs to correct first.

A correction to the resistance structure will offer a discount to the bears.