The NZDUSD has stretched lower in trading today as the pair is hit on “risk off” flows as well as higher rates.The currency pair is down around -0.70% and the biggest mover vs the USD today.
Technically, the price is stretching closer to the 2022 low which reached 0.55105. The low price today has reached 0.5541. It is stretching. The NZDUSD traded as high as 0.63778 at the end of September (when the Fed started to cut rates).
Drilling to the hourly chart, below, the price fell below a swing area between 0.5586 and 0.55918. Above that is another swing area and 0.5606 and 0.56125 and the converged 100 and 200-hour moving averages at 0.5618.
The price of the NZDUSD would need to extend back above those levels to tilt the technical bias back to the upside. Absent that and the sellers are still more in control
This article was written by Greg Michalowski at www.forexlive.com.
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