NZD/USD Price Analysis: The bulls eye a test above 0.6200, but bears are firming

• NZD/USD bears are holding up the bulls in their endeavour for a break of 0.6200. 
• The bulls will be in play so long as the neckline of the W-formation holds as support. 

NZD/USD is working the highs of Friday’s session but failures to hold above 0.6210, where the ere is a price imbalance, should it be tested, could lead to a sell-off to the bottom of the New York range.

The following illustrates the hourly chart’s market structure and prospects for a move higher for the Tokyo session:

NZD/USD H1 chart

The price is trading in the upper-end of the 0.61 area after printing a W-formation where the neckline has already been retested and has been held as support. While above there, the focus is on the upside for a bullish extension for the sessions ahead. However, failures there will open the risk of a move back to the downside which will leave 0.6150 and a touch lower vulnerable.