As per the prior analysis from earlier on Wednesday, NZD/USD Price Analysis: Bulls lurking near 0.6250, rallies to 0.6340 eyed, the bird has fallen out of the sky but could be destined for a soft landing in the 0.6250s.
In the 1-hour chart above, it was explained that there was ''a recent break of structure to the upside.'' It stated that ''should the price fail to move higher from the 38.2% Fibo area near 0.6280, then there is a higher probability that the price imbalance between 0.6270 and 0.6261 will be mitigated which guards the mid point of the demand area, or order block (OB) at 0.6252.''
On the flip side, it was argued that ''this would be expected to result in a flurry of bids and a subsequent run towards liquidity towards 0.6340.''
Progress has been made towards the demand area with a low of 0.6259 printed so far.
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