Technical Analysis

NZDUSD tests the last MA line at the 200 day MA

Can it hold?

The NZDUSD is taking on some heat as stocks tumble lower.    The pair last week fell below its 100 and 200 hour MA. Yesterday the 100 day MA (blue line at 0.67668 today) was breached, failed and then tested.  

Today, the 100 day MA has been rebroken and the price has now moved down to test the 200 day MA at 0.67436. 

That MA is the last line in the sand as far as moving averages.   Stay above keeps the bulls hangin on. Move below and the bearish bias gets even more bearish.

Taking a broader look at the daily chart, the price has been lower in February and January. The 0.67208 level is the February low. The January 22 low reached 0.6706. Both would be the next targets on a break of the 200 day MA.  The 50% of the move up from the September 2018 low comes in at 0.6696.  

A move below the 200 day MA would look toward the February swing low, a January low and the 50% retracement.

ForexLive

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