Trades at lowest level since January 2016
The NZD is the weakest currency today, and the NZDUSD reached to the a new 2018 low and traded at the lowest level since January 2016 at 0.6539. The 2018 low from August 15th reached 0.65437.
That 4 pip break is the problem. When you make a new year and multi year low, you expect more of a run.
As a result, traders are a little cautious.
Looking at the hourly chart, the price fall below the August 15 low was actually on 4 separate hourly bars. It also fell below a lower trend line. That shows sellers tried. Sellers failed.
Now the rebound is not running higher as well, but watch the 0.65437 level. Stay above, and shorts may look to lighten up after the 5 day tumble.
