NZD/USD Price Analysis: Bears could move in for the kill at any moment accordng to H4 structure By ross_burland NZDUSD Technical Analysis
Bears look for a break of daily support at 0.6589 to engage fully from there.NZD/USD struggles in the face of a stronger US dollar despite hot RBNZ inflation expectationsit was stated in the prior analysis, that ''the Doji candle, if followed by a bearish close on Friday, could set the case for a downside continuation for next week's business,'' as follows:has started to play out.
. However, the candles should ideally be relatively long-bodied bearish candlesticks that close at or near the low price for the period. Nevertheless, the focus is on the downside from a longer-term perspective as illustrated in the following weekly chart:From a bullish perspective, the price could easily find support at the daily support structure. If the current tests at 4-hour resistance at 0.6627 fail but support remains firm, we will have a trapped scenario.
On the other hand, bears will be encouraged by a break of daily support at 0.6589 and might engage fully from there on the restest of the structure. This would be expected to act as a firm resistance and ultimately lead to a downside continuation of the weekly chart's bear trend. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.