NZDUSD tests 2018 low… Below 200 day MA and 38.2% retracement

NZDUSD tests 2018 low… Below 200 day MA and 38.2% retracement

Low for the year at 0.7152

The NZDUSD has moved to new lows today, continuing the run lower started last week. The pair (with today’s fall) is now down 5 straight days and 6 of the last 7 days. The high over that period reached 0.739449. The low today reached 0.71538. That low was just above the low for the year at 0.71522.  The first test found modest buyers. On a break, the 0.7130 is the swing low from August 2017. Below that, the 50% of the move up from November will be eyed at 0.7108. 

The action today has seen the price move below both the 100 and 200 day MAs at 0.7212 and 0.71818.  The price also moved below the 38.2% of the move up from the November 2017 low at 0.71856.  The 200 day MA and the 38.2% is now close risk for shorts looking for more downside momentum. 

Sellers remain in control….

PS. I used the NZDUSD as an example in a video I posted over the weekend.  If you did not see it, take a look…..

 

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