Back below the 100 and 200 hour MAs
Like a number of currency pairs, the NZDUSD is mired in an up and down trading range. The low going back to July 2 comes in at 0.64982. The high extended up to 0.65996 (call it 0.6600).
On the topside, the 3 most recent highs have been lower highs. The high yesterday stalled against a topside trend line connecting those recent highs.
The low today has just tested a lower trend line that connects the June 30 low, to the low from this week (from Tuesday). That trend line comes in currently at 0.6527. The low price just reached 0.65272. There is a stall so far at that trend line.
The price action today has seen the price move down, and up, and down again. In the process the price has moved above and below its 100 and 200 hour moving averages (blue and green lines). Those two moving averages are near converged at 0.6555 currently. Stay below keeps the bears more in control.
On a break of the trend line, the 38.2% retracement of the move up since June 30 comes in at 0.65174. Below that traders will be looking toward the 0.6500 level. The low from yesterday reached 0.6502. Below that are the swing lows from July 3 at 0.64982. That area between 0.6498 and 0.6502 is a support target area.
