It's been 7 straight down days for the pair
The NZDUSD continues its run lower. It has been 7 straight days to the downside for the pair. Today, that momentum has not slowed. The NZDUSD is the biggest mover of the day (down -0.76% on the day).
Technicals continue to play a bearish role in the pairs price action.
Yesterday, the pair tested the 50% of the move up from the November 2017 swing low at the 0.71081 level. The low yesterday reached 0.71046 before correcting higher into the close (closed at 0.7117).
Today, the price action has been down from the start. The high reached 0.71184 in the first hour of trading. The low reached 0.7053 (in the last hour). Along the way, the price fell below the 50% at 0.7108 and then a trend line at 0.7091 (bearish). The 0.7091 will be eyed as a risk level now.
Drilling down to the hourly chart, the price tested a topside channel trend line and did a pretty good job of stalling at that trend line . The line cuts across at the 0.7078 level currently and moving lower. That level and the 0.7019 are now risk levels for shorts.
On the downside on the hourly, the lower trend line comes in at 0.7024. If the selling continues that level will be a target for the sellers.
The sellers remain in control in the NZDUSD. The pair is the weakest pair for the day. The technicals continue play a part in the trend move lower.
