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).
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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