The NZDUSD is trading to new lows as traders react today to risk-off sentiment as stocks/commodities slide. Concerns about growth in the US and CHna iare weighing on the pair.
Recall from last week, the NZDUSD peaked on Thursday after a surprise ANZ Business confidence number (50.6 vs 27.1 estimate). However, since then the price has stepped down over the last 3 trading days.
Technically, the price today dipped below the 200-hour MA for the first time since mid-August That MA comes in at 0.6221 and is now a risk level for shorts looking for more downside momentum. The next downside target comes in at the rising 100-bar MA on the 4-hour chart at 0.61446. The 38.2% retracement comes in at 0.6126.
Close short term resistant for sellers comes in at 0.6193 (high price from early last week). More conservative risk comes in at 0.62212
This article was written by Greg Michalowski at www.forexlive.com.
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