The USD is the strongest of the major currencies with the NZDUSD the biggest mover is as risk-off sentiment sends that pair sharply to the downside.
Looking at the hourly chart of the NZDUSD , it stalled yesterday and today near a swing area between 0.6155 and 0.61664. The price came off modestly into the CPI data, but tumbled soon thereafter. The price fell back below its 100 and 200 hour moving averages at 0.60944 and 0.60855 (blue and green lines). More recently, the price has dipped briefly below a swing area between 0.60297 and 0.60511. The higher level at 0.60511 is now a close risk level. That level corresponds with the swing low from September 2. (See green numbered circles).
On the downside, the low from last week reached 0.59956 just below the natural support at 0.60000. That level represents the lowest level going back to May 2020. Looking at the weekly chart below a move below the 0.6000 area and staying below would have traders targeting the April and May 2020 lows that come between 0.59089 and 0.5921. That level is also near a downward sloping trendline.
