Price moves away from topside trend line after a test
The NZDUSD is trading to a fresh session low. The pair is now tracking toward the May low at 0.65204. THe low just reached 0.6535.
Looking at the daily chart above, the high today stalled at a topside trend line at 0.6580. The high reached 0.65818 (just a pip or two from the trend line).
That reversed the flow and it has been down since that time.
Drilling to the hourly chart below, at the high today, the pair did move above the 100 hour (blue line) for a few hours but could not extend to – and move above – the 200 hour MA (green line). The pair just moved below a lower trend line (see red circles in the chart below). Stay below keeps the bears firmly in control. A move above muddies the water.