NZD/USD Price Analysis: Bears eye a move below 0.6220 for a significant correction

• NZD/USD bears are regathering for a correction lower.
• The W-formation on the daily chart is a pull on the price and 0.6220 is key.

NZD/USD is poised for a bearish correction as per the W-formation on the daily chart illustrated above. The price rallied leaving a trail of stops below it along the way that are vulnerable to a significant series of supply for the days ahead.

NZD/USD daily chart

The pattern is a reversion formation where the price would be expected to revert to the neckline which in this case has a confluence with the 50% mean reversion and a 68.2% Fibonacci below there. 

NZD/USD H1 chart

The hourly time frame has seen the price break the trend line support and rally back into a pool of liquidity where offers would now be expected to see the kiwi melt to the downside below 0.6220 in line with the daily chart's bearish bias.