The NZDUSD is under pressure as selling momentum picks up following a failed attempt to reach the 38.2% retracement level at 0.5844 earlier this week. The inability to break higher, coupled with a drop below key moving averages, has shifted control to the sellers.
Key Technical Developments:
Outlook:
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.Hence then, the article about nzdusd analysis nzdusd falls below key levels bearish outlook dominates was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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