Tough level on a down day...
The NZDUSD has tumbled (dollar higher) with many of the other pairs today.
Technically, the pair fell below the 100 bar MA on the 4-hour chart and trend line at 0.7109 area. That opened up more selling and traders took it down. The pair has stalled at a key level at the 50% at 0.70696 and the 100 hour MA at 0.7073. The low stalled at 0.70965. When the 50% and a MA converge, it tends to create a stall point.
What now?
The sellers are happy today (except the ones at the low). The day has trended. BUT a stall point has been found. That is ok. It is up to buyers and sellers. Stay above the key support below and we can see a corrective move higher. However, I would expect that a move higher would be limited to 0.7095-07 area. If it gets above that area, the picture gets more muddy.
