Risk for shorts now
The AUDUSD has its issues (see earlier post), but the NZDUSD has been relatively supported - at least off the hourly chart. The price has trended higher over the last 5 trading days.
However, the price has fallen below a trend line on the hourly chart today and stayed below. It is now falling below the 100 hour MA (blue line) and tests the 38.2% retracement.
Traders will eye the 100 hour MA now at 0.6660. Stay below is the best case scenario for the shorts.
Taking a broader look at the daily chart, the price moved into a topside trend line yesterday (a small break above) but rotated lower. That is a bit more bearish as well.
