Also below 38.2% of move up from September 24 low
The NZDUSD is trading up an down today. On the rallies the pair has been able to stay below its 38.2% retracement of the move up from the September 24 low at 0.66014. The pair is also remain below the 200 hour moving average (currently at 0.66041).
The inability to get above that area, keeps the sellers more in control.
On the downside today, the pair has been below the 50% midpoint at 0.65841 in the London and NY session with limited success. It would take a move below to weaken the pair.
Traders are battling between support at 0.6584 area and resistance at 0.6601-06604. Those extremes are not far from each other but at some point, there will be a break and run away.
