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  • 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…