- NZD/USD expected to retest the weekly resistance although bearish 4-hour trumps for now.
- The daily chart sees price struggling at near term resistance.
The following is a top-down analysis of the market structure in NZD/USD which has a conflicting prospect amongst the weekly and daily chart.
The weekly chart could be due for a positive correction back to test the old support.
However, the daily chart is struggling at resistance and a downside extension could still be on the cards.
With the price now below the 21-SMA, the bears are in control and a downside extension could be in the making.