The NZDUSD is testing the RBNZ low and lower trend line

Technical Analysis

Author: Greg Michalowski | nzdusd

Key level for traders

Looking at the hourly chart, the low from the RBNZ rate cut day and a lower trend line connecting lows from May 13 and earlier today are being tested at 0.6520 area.  It is a tempting level for buyers/profit takers to enter as risk can be defined and limited against the level.  A move below, however should be respected as the trend is still down in the pair. 

Key level for traders

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose