Forex technical analysis: NZDUSD has sellers still in control
Not much of a rebound in the NY trading session. Below the 100 week MA.
As the day comes to a close and the Asian traders look to start their day, the NZDUSD has maintained its weakness on the back of the coalition formed.
The price fall, took the price below the 100 week MA at 0.7030 area (see chart above). The high corrective price in the NY session could only get to 0.70338. We just squeaked out new day low at 0.70097 - taking out the prior low at 0.70105 (see chart below).
The market's run lower, has slowed to a walk BUT as long as it continues to stay below the 100 week MA, the nod remains with the sellers.
The next target comes in at a trend line from the weekly at the 0.6994 area. A move below that level in the new trading day will open the door for further selling.