The NZD/USD pair is trading at fresh lows as traders react today to risk-off sentiment as stocks/commodities decline. Concerns over growth in the US and China are also weighing on the pair.
We recalled last week that the NZD/USD pair peaked on Thursday after the release of a surprise business confidence figure from ANZ (50.6 vs. 27.1 estimated). However, the price has since fallen over the past three trading days.
Technically, the price today broke below the 200-hour moving average for the first time since mid-August. This moving average 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 moving average on the 4-hour chart at 0.61446. The 38.2% retracement comes in at 0.6126.
Short-term resistance for sellers comes in at 0.6193 (high from early last week). A more conservative risk level comes in at 0.62212
Comments are closed, but trackbacks and pingbacks are open.