No hourly closes below the level

The NZDUSD has been banging against the 100 day MA over the last 6 trading hours - the last 4 hours has traded above and below the 100 day MA. There has not been a closing hour below the level. We are trying to do it now.

Looking at the daily chart, the 50% of the move up from the September low comes in at the 0.6565 level. This too will be a key level to get to and through from a technical perspective. As a result, although a break and close below the 0.6582 level is good news technically for sellers, be aware that for a more bearish picture a move below the 50% will also be needed.

So some good news for the bears, but with more work to do. Traders who are short and want to take a little off the table, buying against this area is a low risk trade idea. Buy some back and if the price goes below the 50%, you have the option to get back in, what was bought.