NZD/USD Price Analysis: Bears lurking below 0.6200, eyes on trendline support – by fx_ross NZDUSD Technical Analysis
0.6150 would be expected to hold and result in a meanwhile correction.The tweezer top was highlighted as a dominant feature in the priorNZD/USD prior analysis
With that being said, it was explained that it would have been unusual for the market to simply melt without a revisit to the peak formation as distribution takes a while to play out, usually as per the following topping scenario shown on the 15-minute chart:As can be seen, the price indeed returned the upside prior to the full breakdown into 0.6200 and then to the 0.6150s. Going forward a tougher challenge awaits the beats at trendline support:Zoomed in, the current support near 0.
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.
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