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  • 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.  

Weekly chart

The weekly chart could be due for a positive correction back to test the old support.  

Daily chart

However, the daily chart is struggling at resistance and a downside extension could still be on the cards.

4-hour chart

With the price now below the 21-SMA, the bears are in control and a downside extension could be in the making.