The NZDUSD has corrected lower today after extending to a key swing area yesterday on the better CPI and finding sellers. The move lower today has moved down to test the 200-hour MA at 0.6162. Yesterday, the price moved above that MA level on the back of the tamer CPI data.
Buyers on the dip, want this level to hold and for the price to return to the highs seen this month near 0.6221 area (getting above 0.62286 opens the door more).
Meanwhile, sellers need the price to move below the 200-hour moving average to increase the downside probing.
This article was written by Greg Michalowski at www.forexlive.com.
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