NZDUSD trades to a new 4-year low in trading today.

Technical Analysis

Author: Greg Michalowski | nzdusd

Takes out the low from earlier September at 0.62687 (but only by a few pips so far)

The NZDUSD moved to a low of 0.6265 today. That was enough to take the pair to new 4 year lows (September 2015).  The early September low reached 0.62687. 

The break is so far, not running, but it still is a new low.  We are trading just above that low level as I type.

Takes out the low from earlier September at 0.62687 (but only by a few pips so far)
Looking at the hourly chart, the pair has also moved below a lower trend line at the 0.6272.  Admittedly, the price has traded above and below the broken line over the previous 3 hourly bars , but is staying below on the current bar.  Stay below and make new lows keeps the sellers in more control, and could see more run to the downside.  The line is close risk now.   If the price can rebound, the 0.6284 and 0.6300 levels are topside targets that would improve what is a bearish technical picture for the pair. 

NZDUSD on the houlry chart


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