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22 Nov 2022

NZDUSD Price Analysis: Bears and bulls battle it out above daily trendline support

  • NZDUSD bears are in play but a move to 0.6130 cannot be ruled out.
  • Beware eye the daily trendline support, but 0.5970s could come under pressure. 

As per the prior analysis, NZD/USD Price Analysis: Bears move in from key highs for the week, the pair is pressured on the front side of the bearish micro trend which leaves the focus on the downside for the day ahead:

NZDUSD H1 charts

NZDUSD H1 zoomed in:

The price has been in a phase of distribution on the front side of a bullish dominant trend but there is the risk of a move lower:

NZDUSD M15 chart

The triangle is a bearish technical pattern and a break of structure below 0.6100 opens the risk of a move to the 0.5970s. If the pattern were to fail, however, then a move into the 0.6130s could be on the cards prior to the next move lower as per the daily chart:

NZDUSD daily chart

The M-formation is a topping pattern that would be expected to see the price rejected by the neckline.

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