NZD/USD Price Analysis: Bulls looking to go again towards 0.72 area
FXStreet News

NZD/USD Price Analysis: Bulls looking to go again towards 0.72 area

  • NZD/USD bulls pause in their pursuit of the daily target.  
  • New bullish structure needs to be formed at this juncture.  

As per the earlier analysis,  NZD/USD Price Analysis: Bulls seeking out the 0.72 area, the price indeed extended higher to a breakeven scenario.

The price is now in a price pause phase and there are prospects of a continuation leg to the target.

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.  

From a 15-min perspective, bulls are testing resistance while above the 50 SMA and with Momentum testing positive territory.

A break and a  retest of the structure would be expected to offer a discount to the bulls targeting the daily resistance.

With a  slop loss below the recent lows, a 1:2  risk to reward setup can be established.  

Live market, 15 min chart

As noted, the price rallied and to a point where the stop loss could be moved to breakeven.  

The price is now consolidating at a new  support structure and would be expected to hold and continue higher.  

However, the price needs to break higher and form a new bullish structure.

More to come…



FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.