NZD/USD bears looking for a weekly extension to 0.6450

NZD/USD is in the hands of the bears from a longer-term outlook.
Bulls may take back control from here, but only until daily resistance.

Ross J Burland FXStreet

NZD/USD is under pressure from a weekly perspective, but there needs to be some confirmation on the daily chart.

The following is a combined analysis of both time frames which illustrates the potential for a discount for the bears targeting 0.6450.

Weekly chart

As can be seen, the weekly picture is clear and the bears can seek to take back control following a significant retracement that meets resistance.

Daily chart

However, the daily chart has already shown a strong bearish impulse that perhaps needs to correct first.

A correction to the resistance structure will offer a discount to the bears.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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