The NZDUSD continues its move lower | Forexlive

The NZDUSD is stepping lower and in the process has moved to the lowest level since March 10. The low price of just reached 0.61107.

Looking at the daily chart, the price action today is moving away from its 200 day moving average after trading above and below it over the last 4 trading days (green line in the chart above). The 200 day moving average comes at a 0.6160.

Moving back above that moving average would be required to tilt the bias back to the upside on the daily chart. The price also fell below the 38.2% retracement of the trading range since the October 2022 low. That level comes in at 0.61453.

On the downside, the next target comes against the March low at 0.60844. A swing area between that level and 0.60559 represents the next major area to get below, followed by the 50% midpoint at 0.60242.

Drilling to the hourly chart below, the price is also moving away from its falling 100 hour moving average. That currently comes in at 0.61466, and is below the aforementioned 200 day moving average. As such getting above that level would be the 1st step toward a more bullish bias. If the price cannot get above the 100 day moving average the sellers remain in full control.