• NZD/USD injured by the Fed's hawkish meeting.
• NZD/USD bulls could be about to regather themselves for a measured move higher.

As per the prior analysis, NZD/USD Price Analysis: Bears seek a move to take the bulls on at the 0.5850s, the price moved to the target around the centerpiece event of the week in the Federal Reserve. The following illustrates the market structure and bias from here on. 

NZD/USD prior analysis, weekly chart

It was argued that the price would be expected to correct at some stage soon but perhaps not until a challenge of the 0.5850s.

The M-formation is a reversion pattern that could see the price correct towards at least the prior lows near what would be a 38.2% Fibonacci retracement from the aforementioned 0.5850s that were hit during Fed volatility on Wednesday. 

NZD/USD update

The weekly outlook has played out so far according to the prior analysis. Meanwhile, on an hourly basis, there is the bullish scenario illustrated as follows:

A v-shaped peak could be forming here that may give way to a break of the trendline for a measured move higher to the midway point of the 0.59 area again for the end of the week.