NZD/USD Price Analysis: Bulls taking on the hourly resistance ahead of RBNZ

• NZD/USD meeting critical resistance ahead of RBNZ.
• 4-hour support is compelling on a break of hourly structure. 

There are downside prospects ahead of the Reserve Bank of New Zealand event today as the following illustrates from an hourly and 4-hourly perspective. 

Hourly chart

The price is testing hourly resistance ahead of the event, supported by the hourly support structure. 

4-hour chart

From a 4-hour perspective, the downside is compelling with respect to the W-formation and a 38.2% Fibonacci could be on the cards which would clear the hourly support.