Home Forex The bulls are looking for 0.6300 while bearing the eye marks of the distribution

The bulls are looking for 0.6300 while bearing the eye marks of the distribution

by SuperiorInvest
  • NZD/USD bears could be on the move.
  • Bulls are eyeing a test of 0.6300 while above 0.6250.

According to the previous analysis, NZD/USD Price Analysis: The bird is in full flightwith bulls creeping higher in Asian trade despite having already reached since the week’s central bank events, new highs were made as follows:

NZD/USD Preliminary Analysis

NZD/USD Update

While the trend line was broken, the support held and the price moved higher. At this point, the bulls need to commit in the upper quarter of the 0.62 area. However, the top of the tweezers is a bearish candlestick combination pattern that shows sellers are in the market.

Price is now testing further trendline support and a break there opens up downside risk to test below 0.6250 and with an eye on the previous lows of 0.6236 and the trendline before 0.6200:

That being said, it would be unusual for the market to simply melt down without revisiting the top formation, as distribution takes a while to play out, usually following the top scenario on the 15-minute chart:

NZD/USD M15 chart

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