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

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