…and taking a look below (as type).
The NZDUSD has dipped to swing low area from the last 4 days of trading. Yes, there was a run lower on the opening yesterday that stalled at a lower trend line, but the 0.6360-63 area (yellow area) has a number of swing lows on the hourly chart. Key area for both the bulls and bears…. Sellers are pushing. A break will look to target the lows from yesterday down at 0.63409 (if the price can stay below the 0.63625 level).
Helping the sellers is the inability to break topside resistance on the rally at the start of the NY session.
That rally ran into topside resistance at the 100 hour MA (blue line in the chart above). That high runs in contrast to the last two days when there were attempts to breach the MA and also a topside trend line. Each of those runs failed (see red shaded areas).
Today’s stall just ahead of the 100 hour MA, gave sellers the “go ahead” to push lower. The last two hours has seen those earlier gains reversed. So bears are in control.
Nevertheless, they will be looking for more of a break with increased momentum now. Key moment/area for the bulls and bears. Sell or buy?