- NZD/USD bulls seeking a correction of the daily bearish impulse.
- 0.72 the figure is on the cards if bulls can get above 15-min resistance.
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.
1-hour chart
The oversold conditions are ripening the price for a break of the immediate resistance. A break there will expose the daily target.
Live market, 15 min-chart
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.
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