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NZD/USD Approaching Key Support Area

The NZD/USD has been retreating since early May after it made a new high on the year at 0.8778. In terms of making higher highs and higher lows, NZD/USD has a bullish trend that is intact. 

However, when you look at the 4H chart, you can see that price action has been leveling off, and the bullish trend could be in trouble. 

(nzdusd 4h chart, 5/22)

Price continued to fall this week, but it is approaching key support levels in the 0.85-0.8520 area.

A break below 0.8520 could be a sign of topping and bearish correction. In this scenario, the first key support/resistance pivot to monitor will be in the 0.8420-25 area. Below that, 0.8340, and 0.8240-45 area the next pivots.

Above 0.85, NZD/USD remains at most in consolidation, with a prevailing bullish bias. If price can stay above 0.85, and break above the 0.8595/0.86 pivot area, we can be looking at a bullish attempt back toward the 2014-highs at 0.8745 up to 0.8778.