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16 Sep 2022

NZD/USD Price Analysis: Bulls step in and eye the 0.6000s

  • The bird is firming following a significant sell-off.
  • NZD/USD bulls eye a move into the 0.6000 area for the day ahead.

NZD/USD bulls have shown up in the final session of the week in Tokyo as the bird grounded in the mid-way point of the 0.59 area. The move was telegraphed in the following analysis and the prospects are for a correction of the bearing impulse into the 38.2% Fibonacci of the bearish impulse as follows:

NZD/USD prior analysis

The W-formation's support was cited as a key feature, but this gave way as the US dollar continue its reign for a little while longer before the bulls threw in the towel:

However, the bulls committed and headed into the structure and resistance near the 38.2% Fibonacci level ahead of a 50% retracement thereafter.

NZD/USD H4 chart

The price is now showing signs of a bullish correction for the session ahead with 0.6000 on the radar.

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