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  • NZD/USD bulls are looking to the daily Fibos for a meaningful test of daily resistance.  
  • Hourly oversold conditions and a break of resistance will expose the daily 50% mean reversion level.

The price of NZD/USD is sitting at a monthly support level that meets a 38.2% Fibonacci retracement level as additional confluence.  

At this juncture, the price would be expected to continue higher within the bullish trend.

The following is a top-down analysis that illustrates where the next trading opportunity could evolve from on the lower time frames.  

Monthly chart

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.