• NZD/USD bulls are attempting a move into the 50% mean reversion of the sell-off. 
• Bears are lurking and there is a case for both sides of the market. 

As per the prior analysis, NZD/USD Price Analysis: Bulls eye a move to the 38.2% Fibo and beyond, the pair was destined for a move deeper into the sell-off and has been testing the vicinity of the 50% mean reversion as follows:

NZD/USD prior analysis, H1 chart

It was explained that the downside has been decelerating, correcting into what could become resistance:

The W-formation's support was cited as a key feature, but this gave way as the US dollar continue its reign for a little while longer before the bulls threw in the towel:

However, the bulls committed and headed into the structure and resistance near the 38.2% Fibonacci level ahead of a 50% retracement thereafter.

This is a level that meets the bounce halfway through the sell-off (the green candle) where the 78.6% Fibonacci meets where prices were agreed, so this would be expected to act as the firmest of the resistances. If it holds, the price could be sold off heavily in the near term, but if it breaks, a deeper correction will be on the cards for the days ahead.