Sellers making a play
the NZDUSD has fallen below the 200 hour moving average for the 1st time since May 19. That moving average currently comes in at 0.64529. The low price has moved to 0.64399. We currently trade at 0.6450.
On the moved to the downside the pair was able to extend below a swing area between 0.64678 at 0.64823 (see yellow area in the chart above). If the price can stay below those levels, the sellers still have the short-term advantage/control.
Yesterday the price reached the highest level since January 27. However, in the process only took out the previous day high by about 4 pips. The inability to extend higher and the subsequent fall below an upward sloping trendline and the 100 hour moving average, gave the sellers more confidence the high it might be in place.
The break now below the 200 hour moving average is another step in the bearish direction.
