NZDUSD tests 200 day MA and the underside of an old trend line too
The NZDUSD fell on the back of the better US data and in the process is back down testing its 200 day MA at 0.67304. The pair is also testing the underside of a broken trend line at the 0.6830 level. The low reached 0.67288 before bouncing a little. We currently trade at 0.6733. A break below looks toward the low from April at 0.67179
Yesterday and into today, the pair traded above and below the 200 hour MA (green line currently at 0.67615) That MA had not been broken since March 27 after the RBNZ turned more dovish. The buyers tried to push to the 50% retracement level of the move down from the April 1 high, but could not reach the level. Eventually traders leaned against the 200 hour MA. The data sent the pair below the 100 hour MA (blue line ) at 0.67445. That is a risk level now for the sellers from above who are looking for more selling momentum.
Looking at the 5-minute chart below, the pair cracked below the 100 hour MA and stayed below (at 0.67445). The 38.2-50% of the trend move lower is risk for sellers as well.
