NZDUSD stalls after yearly high as sellers push below key support ...Middle East

Notably, the last few breaks below the 100-bar MA were brief and failed to gain downside traction. The question now is whether this latest move can sustain itself. If so, sellers will look toward the 38.2% retracement of the May rally at 0.59948, which also aligns closely with the Friday low at 0.5994—a key target to reinforce bearish control.

On the topside, near-term resistance is now seen between 0.6018 and 0.6029. As long as the price stays below that range, the bearish bias remains in play.

This article was written by Greg Michalowski at www.forexlive.com.

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