NZD/USD Price Analysis: Bears could be about to make a move, 0.6304 is key

 

• NZD/USD bulls could start to move out at this juncture.
• The bears will be eyeing structure to the downside for the end of the week. 

NZD/USD is meeting an area of potential resistance on the daily chart. The price has rallied following the events of the Federal Reserve and has left behind a price imbalance that would be expected to draw in the price in due course.

NZD/USD daily chart

Should the bears make a move, on failures ablve 0.6304, then there are prospects of a significant retracement to the 38.2% Fibonacci and a 50% mean reversion thereafter following the mitigation of the price imbalance, greyed area on the chart above.