The NZDUSD is trading lower on the day after a run higher stalled.
The move back to the downside saw the pair fall back below the 100/200 hour MAs at 0.6511 and 0.6515. The breaking back below has also seen momentum below a rising trend line at 0.6499 and a swing area down to 0.64908.
The current price is at 0.6488. Close risk is around 0.6500. For traders who want to give more room, staying below the 200 and 100 hour MAs would be the risk. Stay below is more bearish. Move above is more bullish.
On the downside, the next target would eye the low from last week at 0.69594. Below that and the 38.2% at 0.6438 is another target that would need to be broken to increase the bearish bias. That retracement is of the move up from the May 12 low.
If the hourly moving averages are broken to the upside, a swing area between 0.6539 to 0.6549 would be targeted followed by the 0.6563 to 0.65677. The high price from last week reached 0.65755. That too would be an upside target.
For now however, the sellers are making a play with more work to do. Stay below the aforementioned resistance levels keeps the sellers more in control.
Tags: #NZDUSD #rotates #breaks #downside #targets #work