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HomeUncategorizedNZD/USD Price Analysis: Bulls focus on 0.6220

NZD/USD Price Analysis: Bulls focus on 0.6220

  • NZD/USD bulls take action at the Tokyo open.
  • The price is facing resistance, but a break below 0.6195 will open the risk of a further upward move for a day ahead.

NZD/USD is a compelling scripted hour picture. Prices have been trying to break higher, but the strength of the dollar has so far restrained the bulls. Nonetheless, the technicals lean towards bullishness based on the following analysis:

NZD/USD H1 chart

The price has left the Gartley pattern with an upside target in line with the previous resistance and structure. The bulls entered during the Tokyo open and attempted to break the first resistance near 0.6195. Support now lies at the neckline of the W pattern around 0.6190, more or less. If this holds, a breakout of the Tokyo highs will open up the risk of continued upside in the day ahead.

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