NZD/USD Price Analysis: Bulls reaching into a key area of resistance

• NZD/USD is firm on the session so far, testing a critical area of resistance.
• Bears are looking for a fade into key support. 

NZD/USD was a string performer overnight, and according to Bloomberg, it remains the best-performing G10 currency week to date. The following, however, highlights the potentially significant area of resistance and prospects for a meanwhile correction:

NZD/USD H1 chart

NZD/USD is riding a steep trendline support with a focus on the 0.6380s as a potentially key resistance area:

The W-formation is a reversion pattern and this might be expected to pull the market lower toward the neckline of the pattern and the trendline support between a 38.2% Fibonacci and 50% mean reversion: