NZD/USD Price Analysis: Bulls take on 0.62s and eye 50% mean reversion

• NZD/USD bulls in the market and eye a break of trendline resistance.
• 0.6200 is key in this regard as a critical support area. 

After the New Zealand dollar dropped 7 on Monday, moving away from a near two-week high in the previous session, the currency is back in charge vs. the US Dollar and the following illustrates the market structure. 

NZD/USD weekly chart

The weekly chart shows the price moving into the neckline resistance area that is below the trendline resistance. A move beyond the neckline leaves the trendline resistance vulnerable. 

NZD/USD daily charts

The price is running towards a micro daily trendline resistance but a correction from around the resistance could play out. 

NZD/USD H4 chart

The bears could be looking to target the 38.2% Fibonacci in this regard on a Fibo measurement drawn between the swing lows near 0.6160 and the trendline resistance. There is a price imbalance in the greyed area on the 4-hour chart that could be mitigated if the bulls stay in control.