• NZD/USD bulls all in at the 50% mean reversion mark, eyes o 0.67 the figure. 
  • NFP is going to be a key eve and volatility could see NZD/USD elevated. 

As per the prior analysis, NZD/USD bulls keep on keeping on, eyes on 61.8% golden ratio around NFP, the kiwi remains in flight ahead of the Nonfarm Payrolls and is taking on a 50% mean reversion level in Asia. 

NZD/USD prior analysis

NZD/USD weekly chart, prior analysis

”A 50% mean reversion of the weekly bearish leg of its own M-formation aligns with the daily target in the low 0.67 area.”

NZD/USD Thursday New York session

The price was toying with the 50% mean reversion mark in New York. It was stated that a daily bullish close would underpin the bullish bias for a run to the 61.8% golden ratio,(0.6700), potentially to be achieved around the NFP event before the week is out. 

We did not get a close above the 50%, but a 4-hour close would be equally as positive ahead of the NFP event, as per below. 

Meanwhile, it is worth noting that a daily-W, as illustrated o the chart above, could be forming which makes the 0.6660’s a potentially important supporting area. 

NZD/USD H4 chart

This article was originally published by Fxstreet.com.Read the original article here.

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