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NZDUSD backs off to test 200 hour MA. Stalls on first test


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Rally today sees some corrective action


The NZD is the strongest currency today, helped by favorable data early in the session and some technical breaks on the way higher.

  • 100 hour MA broken (at 0.6829 currently)
  • 200 day MA at 0.6835 (green overlay line).
  • 200 hour MA at 0.6825
  • Trend line
  • 50% retracement at 0.6872

The high today did finally meet its match from the sellers at the high from Thursday at 0.68793. That stalled the rally. The price came back down.
The correction lower in the NY session has seen the price move to test the 200 hour MA again (at 0.6825).  On the first test, buyers have stalled the fall. The battle is now on with support at the 200 hour MA and resistance at the 50% and the swing highs at 0.6872 and 0.6879 respectively.

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