- NZD/USD bulls and bears will battle it out for ground into the Fed.
- The bulls are currently taking on key resistance.
As per the prior analysis, NZD/USD Price Analysis: Bulls step in and eye the 0.6000s, the price has indeed come up to the 0.6000s, but the bears put up a strong defense on the way there as the following will show. Meanwhile, the prospects from here are two-fold as the countdown to the Federal Reserve gets underway.
NZD/USD H4 chart
The price was showing signs of a bullish correction for the session ahead with 0.6000 on the radar.
The price reached towards the 0.6000s but failed sooner and dropped heavily as illustrated and projected so.
Since then, however. the bulls have remerged leaving two possible scenarios for the forthcoming days:
If the price continues to correct higher, it will leave a more well-defined W-formation behind that may either result in a move lower or higher on a retest of the neckline, as illustrated above ad below respectively.