Stalls near the 61.8% retracement
The NZDUSD spent last week moving higher, speaking on Friday before closing near unchanged on the day (after four days higher).
Since then, the price has moved lower on Monday and now on Tuesday.
Yesterday the price cracked below its 100 hour moving average, but found support buyers against its 200 hour moving average (green line).
Today, the price stay below the 100 hour moving average above on the Asian session move higher, and then moved below the 200 hour moving average (after a test). The fall below the 200 hour moving average increased selling momentum with the price moving below the 50% midpoint (and 0.7000) at 0.7003, but finding some support near the 61.8% retracement at 0.69815. The low for the day reached 0.6979.
The price is currently trading between the 50% retracement level above and the 61.8% retracement below (at 0.7003 and 0.6915 respectively).
Sellers have more control. Getting below the 61.8% retracement is the next hurdle with the low from June 22 at 0.69628 the next downside target.
If the price moved back above the 50% retracement level (there should be sellers against the level). A retest of the falling 200 hour moving average would be another key barometer for both buyers and sellers (at 0.70193 currently)
