NZDUSD stays below the 200 bar MA on the 4-hour chart ...Middle East

The price has now dipped to 0.59898, just above the earlier low. A break to a new low on the day would shift focus toward the 50% retracement of the May–July rise, which comes in at 0.5982. A move below that level would increase bearish momentum.

Looking further ahead, remember that two weeks ago the pair tumbled to 0.5882. A break below that support would have traders eyeing the swing area between 0.5845 and 0.5860—a zone that has acted as a key floor going back to mid-April (see green numbered circles).

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

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