NZDUSD hangs around the lows (and lows for the year)

Technical Analysis

Author: Greg Michalowski | nzdusd

Low for the year at 0.63778

The NZDUSD moved lower in the Asian session on impact from the coronavirus and has continue to trend lower through the day.

Low for the year at 0.63778
The price low reached 0.63826. We're just above that level at the moment. Just below today's lows sits the February 11 low at 0.63778. That is also the lowest level for the year and the lowest level going back to November 15, 2019.

Drilling to the hourly chart below, the price high today in the Asian session stalled under the 100 hour moving average (blue line in the chart below). The Apple news early in the session, sent the price to the downside. The 61.8% retracement level at 0.64196 held support in trading yesterday, but not today. After breaking, the price did try to correct back up toward that level only to be turned away with a new leg down.

NZDUSD tests the lows from last week.
The price is testing the lows from last weekend the lows for the year. A break below would increase the bearish bias.
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