A little risk off flows enter the market
The NZDUSD broke above its 200 hour MA at 0.6582 currently (green line) and moved up to test the 50% of the move down from the August 7 high. That came in at 0.66049. The high price reached 0.66032 as the S&P index moved to a new all time record high.
However, sellers have entered in the stock market and that is also leading to some risk off flows including a move back lower in the NZDUSD.
The pair has move back below its 200 hour moving average (green line in the chart above) at 0.6582 to a swing low at 0.6578. There is a swing area between 0.65729 and 0.6577 which is also a intraday technical levels to eye.
Move below that swing area, and we should see even further downside probing.
If that level cannot be broken, the battle will be on between the buyers and sellers against retracements (38.2% and 50%) and the 200 hour moving average.
Stocks are swinging back and forth. The S&P moved from 3395.06 down to 3376.47. The index currently trades at 3381.62. That is below the prior all time high at 3386.15 (and the old high intraday at 3393.52). The NASDAQ index moved toward unchanged on the day but is currently back up 29 points but well off its highs at 11208.05. It currently trades at 11158.72.
