Now back down at the 200 hour MA
The NZDUSD run higher earlier in the session but looking at the hourly chart below, the sellers leaned against what has been recent highs going back to October 23, October 24, and yesterday’s high. That area came in at 0.6567 to 0.6572. Sellers leaned and the price rotated back lower.
The fall took the price back down to the 200 hour MA at 0.65429. That is being tested now. If sellers can keep the run lower going, the next targets come in at 0.65366 (50% of the recent up and down range) and the 100 hour MA at 0.65265.
Taking a broader look at the daily chart, on the topside sits a trend line at the 0.6578 level. The high from last week stalled at that trend line. We got close to it this week (the line is declining so it is an easier hurdle), but sellers came in once again.
If the price is to push higher away from the year lows reached this month, that trend line would be the minimum to get, and stay above (the 100 hour MA would be another hurdle at 0.66687 and moving lower). Failure to do the minimum, is a big fat failure.
Be aware on any rally off the 200 hour MA of that key topside trend line.