Bears still in control
The NZDUSD for the 2nd day in a row, looked toward the 100 hour MA (and a topside trend line) on the hourly chart and backed off. The 100 hour MA currently comes in at 0.58523. A topside trend line comes in at 0.5866.
On the downside, a trend line on the hourly cuts across at 0.57157. That was also a swing low intraday today. Move below and there should be more downside potential.
The NZDUSD moved from a high on March 9 at 0.6447 a March 19 low at 0.54668. That's a 15% decline in 9 days. Having a rebound - helped by some better tone for a few days - is not a surprise.
