NZD/USD PRICE ANALYSIS: BEARS ARE LURKING IN CRITICAL RESISTANCE AREA
Abstract：NZD/USD is higher by some 0.5% on the day so far and headed for a bullish close to starting the week. However, breakout traders chasing the move could find themselves in trouble as per the following technical analysis. NZD/JPY is testing the limits of the support and resistance channel on the hourly chart as follows:
• NZD/USD bulls coming up for ain ahead of the keyUS event.
• The price is on the backside of a daily trend, and the front side of the weekly/monthly bear trend.
NZD/USD is higher by some 0.5% on the day so far and headed for a bullish close to starting the week. However, breakout traders chasing the move could find themselves in trouble as per the following technical analysis. NZD/JPY is testing the limits of the support and resistance channel on the hourly chart as follows:
NZD/USD WEEKLY CHART
A break of the resistance opens the risk of a trendline breakout and a run towards the price inefficiency between 84.82 and 85.23. There would be expected to be a fair bit of resistance thereafter which could potentially lead to a downside correction and even a full-on continuation on the higher time frames such as the following daily chart's illustration.
The W-formation that is forming is also a bearish feature that could see the price struggle and hamstrung on bullish attempts. The W-formation is clearer on the line chart as follows:
NZD/USD daily chart
We also have a daily W-formation forming into the close on Monday and this reinforces the bearish prospects for days ahead as the countdown to the US Consumer Price Index gets underway.
That is not to say, however, that a test of resistance cannot happen before Thursday's main event. This leaves the 0.6470s exposed. In any case, traders will be looking to the lower timeframes for signs for deceleration from the bulls that could lead to a break of 0.6200 and the 90.6191 recent lows in time to come.
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