New week lows today failed….
The NZDUSD is another one of those currency pairs that is doing the ups and down.
Technically, for the pair, the price has been able to stay below the 100 hour MA (blue line at 0.64207). Stay below keeps the selllers in control.
Having said that, although the price extended to a new low for the week earlier today (at 0.6402), and the price traded below the 0.6400 level, the momentum could not be sustained and the price rebounded higher. The range for the week is only 39 pips.
Summer time trading but sellers still have that 100 hour MA above that keeps the buyers at bay.