NZD/USD Price Analysis: Bulls move in on critical daily resistance
|- NZD/USD bulls are moving in on a critical daily resistance.
- The price has corrected the hourly bullish impulse to the 38.2% Fibonacci.
- There are prospects of a deeper run to test the hourly 61.8% golden ratio that aligns with prior resistance.
NZD/USD is higher entering into early Asia on Friday. There is some hesitation in the markets as to the prospects of a hard landing in the US which has stripped the US dollar of some of its appeal. Technically, the NZD is attempting to break higher:
NZD/USD prior analysis
The weekly bearish impulse has been in need of a correction. The correction is underway and this could correct as far as the prior support and beyond 0.64 the figure.
The build-up of daily resistance was being challenged which supported the bullish outlook:
The price was attempting to break through the resistance, with eyes set on the 38.2% ratio at 0.6350 that guarded a 61.8% ratio where prior support near 0.6430 was eyed.
NZD/USD live market
The price has moved in on the resistance as illustrated above, respecting the forecasted price trajectory along the way there. There are still prospects of a continuation to test the 61.8% fully but 0.64 the figure will need to give way as per the following analysis on the hourly time frame:
NZD/USD H1 chart
The price has corrected the bullish impulse to the 38.2% Fibonacci but the correction has strength in the price action, so there are prospects of a deeper run to test the 61.8% golden ratio that aligns with prior resistance.
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