NZD is the strongest. GBP is the weakest currency so far today
Looking at the chart below, a snapshot of the strongest and weakest currencies is showing the NZD is the strongest, whille the GBP is the weakest. That makes the biggest % changer on the day, the GBPNZD. That pair has moved 0.31% to the downside so far (or minus -60 pips).
Looking at the hourly chart for the pair, the price decline has taken out a number of technical levels, including the 200 day MA at 1.9297, the 100 day MA at 1.92677 and the 100 hour MA at 1.92425. Last Friday, the pair fell below those MAs as well but could not sustain the momentum.
With the price trying again - and the currency pair the biggest mover - can the seller keep the pressure on today?. We currently trade at 1.9229. Moving back above the 100 hour MA is the close risk for the pair. That moving average comes ina t 1.92425. Moving back above the 100 day MA would be another risk level for shorts who are more intent on downside potential at 1.92677 (bearish GBP, bullish NZD/risk).
The potential reward will target the 200 hour MA at 1.91573. Below that the 1.9109 and 50% at 1.90121 are targets.
Sellers taking control. Can they keep the pressure on today?
