NZDUSD tests the key support area defined by swing low and 200 day MA

Technical Analysis

Author: Greg Michalowski | nzdusd

March low and 200 day MA stalls the fall for now

The NZDUSD has moved down to the lowest level since March 1st. That low on that day came in at 0.7186. The low today bottomed at 0.7188 so far.  Just below that low is the 200 day MA at 0.71804. 

The bounce is modest with a move up to 0.72007.  The swing low from March 5th comes in at 0.72022. Getting above that level would give dip buyers, more comfort. 

So buyers are leaning against the support level defined by the March swing low and the 200 day MA, but the buyers are not out of the woods just yet.  A move below the month low and the 200 day MA would be more bearish, and a level I would not mess with on a break.  If it holds, get and stay above the 0.7202 as a start.