NZDUSD scoots lower after cracking the 200 hour MA

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Booths close to the 61.8% withdrawal

The NZDUSD spent the past week higher, speaking on Friday before closing the day almost unchanged (after four days higher).

Booths close to the 61.8% withdrawal

Since then, the price has been down on Monday and now on Tuesday.

Yesterday the price broke below its 100-hour moving average, but found auxiliary buyers against its 200-hour moving average (green line).

Today the price remains below the 100-hour moving average above on the Asian session moving higher, and then moved below the 200-hour moving average (after a test). The fall below the 200-hour moving average increased selling momentum with the price moving below the 50% midpoint (and 0.7000) at 0.7003, but finding some support close to the 61.8% pullback at 0.69815. The low for the day reached 0.6979.

The price is currently trading between the 50% retracement level above and the 61.8% retracement below (at 0.7003 and 0.6915 respectively).

Vendors have more control. Submitting the 61.8% pullback is the next hurdle with the June 22 low at 0.69628 the next downside target.

If the price moved back above the 50% retracement level (there should be sellers against the level). A retest of the falling 200-hour moving average would be another key barometer for buyers and sellers (at 0.70193 currently)

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