NZD/USD Price Analysis: Bearish extension on the cards from between 0.7200/50

• NZD/USD bulls on the way to a 50% mean reversion.  
• Ther focus is now on the downside, monitoring for bearish conditions between 0.7200/50.  

As per the prior analysis,  NZD/USD Price Analysis: Bulls looking to go again towards 0.72 area, the bulls have done just that, scoring a fresh corrective high of 0.7199 overnight.  

Prior analysis

As per the prior analysis,  NZD/USD Price Analysis: Overextended bearish impulse, the bulls are taking up the baton and eye an upside correction of the latest bearish impulse.  

Prior analysis, Daily chart

The bulls have a clear target back to the old support in a 50% mean reversion.  

Live market

The daily chart has seen the price reach towards the prior lows and a 50% mean reversion.  

However, there is every chance that the price melts from here considering it has already covered the 38.2% Fibonacci. Following a correction, a downside impulse can be expected.  

That being said, there is just as every chance that the paid continues to test the bear’s commitments from a 61.8% Fibonacci and prior structure.  

In any case, the bears can start to monitor for bearish conditions on both the daily and 4-hour time frames.