Still down on day, but….
The NZDUSD moved to a new 2019 low, taking out the lows from September 20 and September 23 at 0.62545 adn 0.62573 respectively. That also pushed the price to the lowest level since September 23, 2015. That is the bearish news.
The not so bears news is that the price could not stay below that swing area and in fact has found support against it. Selllers turning to buyers? Perhaps.
The price is up testing the underside of a broken trend line connecting recent lows on the hourly chart above (and moving above as I type). That level comes in at 0.6272. The price is currently trading at 0.6276. Staying above could see more sellers covering with the 100 and 200 hour moving averages at 0.6298 and a topside trend line (that held on Friday) as topside targets.
Last week, the pair tried to break above its 200 hour moving average only to fail on three separate times. It remains a key target above to get above and stay above if the bulls are to make a more concerted corrective move higher. .
For now, the focus is on the lower trendline at 0.6272 and the lower swing level at 0.6254-57. Stay above and the sellers may turn to buyers. If rebroken, the bears remain in full control in the pair.