Key Technical Developments:
Failure at 38.2% Retracement: The high for the week failed to reach 0.5844, signaling weak bullish momentum.Break of Last Week’s Swing High: The pair initially moved above last week’s highs but failed to sustain gains, leading to an increase in selling pressure.100-Day MA Broken: The price is now trading below the 100-day moving average at 0.57425, a bearish technical development.Support at 100/200 Bar MA (4H Chart): The next downside target is the 100-bar and 200-bar MAs on the 4-hour chart, where buyers may look to step in again.200-Bar MA Held Support Last Week: This level provided strong support last week, stalling declines twice.Bearish bias remains as long as the price stays below the 100-day MA at 0.57425 (close risk). Move back above and there could be some buying on the failure with the low from yesterday the next target at 0.57716.A move toward the 100/200 bar MA on the 4-hour chart (around 0.57098 to 56983) is likely if sellers maintain control.If the price rebounds, resistance levels to watch are 0.5771 (broken 100-day MA) and 0.5817.
The technical picture suggests sellers are gaining the upper hand, but key moving averages below may offer a temporary reprieve for buyers. The last two tests of the 200 bar MA on the 4-hour chart stalled the fall during last weeks trading. That MA is at 0.56983
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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