As the US session works to a close and the Asian Pacific looks to restart, the NZDUSD is pushing the 61.8% retracement target at 0.60509. If the price can move back below that retracement, the low from the first hours of the trading day today down at 0.60387, followed by the low of a swing area at 0.60313, it would open the door for more downside momentum.
The low price from last week was tested and broken as the session lows today but could not be sustained.
That may give buyers some courage to bounce the pair against support with stops on a break-lower below 0.60313.
This article was written by Greg Michalowski at www.forexlive.com.
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