The NZDUSD moved higher into the Election Day, but found willing sellers near the 100 bar MA on the 4-hour chart. As the election results started to come in, the buyers turned to sellers.
ON the way lower, the price fell below the 100/200 hour MAs near 0.5975 and fell below the low from last week’s trading at 0.5938.
The low extended to 0.5912 which happened to be a swing level low back on August 6, just before reversing to the upside – a run higher that did not stop until 0.6377 at the end of September
All that move higher has been erased with today’s bounce.
What next?
The 100/200 hour MAs at 0.5975 are now close resistance. It will take a move above that level to give the buyers a win. Absent that, and the buyers are not winning. The sellers would still be in firm control
This article was written by Greg Michalowski at www.forexlive.com.
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