Not much going on in the NZDUSD today, but trend line is about to be tested
100 hour moving average and 200 day moving average is also just lower
There is not much going on in the NZDUSD today. The low to high trading range is only a 18 pip's compared to the one month average of 42 pips. That is non-trending.
Technically, the price is near the session lows at 0.6548 and also just off a upward sloping trend line on the hourly chart at 0.6549. If the level is broken, there are other downside support targets not far away.
- The 100 hour moving averages at 0.65402(blue MA line).
- The 200 day moving averages at 0.65363 (green line).
- The swing high price from December 3 comes in at 0.65326.
- Below that and the swing low from December 4 at 0.6517 and
- The 38.2% retracement of the move up from the November 29 low comes in at 0.65116.
Hold support against the trend line here, and with such a narrow trading range, moving up to test the high from Friday is not out of the question.
The very narrow range has me thinking that there is room to roam in one direction or the other. The sellers are making the play on the downside in a move below the trendline and lows from earlier in the day will be a tilt in the bearish direction.