A quick look at the hourly support
Here is a look at the hourly NZDUSD chart.
The pair has been trending lower today but has stalled near a bottom trend line. If the price can get and stay above the 0.67813-85 area, the market may be correct further. Look for patient dip buyers against the lower trend line with stops below, but don't risk too much as the seller still hold the upper hand....
Looking at the monthly chart, the pair traded at the lowest level since the week of June 6th 2010 today. The June 27th week low at 0.6794 level was the prior low. The 38.2% of the move down from yesterday's high comes in at 0.6798. If the price does push higher, this area will be another area that needs to be broken if buyers are to take control. So the odds are still with the sellers on rallies still.
