Seeing some risk off flow ahead of the stock open
The NZDUSD is making a break for to the downside. The pair has cracked below its 100 hour moving average at 0.71528. Yesterday, the price took a quick look below that level but quickly rebounded. The high price today tried to extend above a swing area near 0.7184, but fell back down over the last six or so trading hours.
The next target comes against the low from yesterday’s trade at 0.7133. That level corresponds with the midpoint of the last trend move higher from the October 18 low. Move below that level and it should be further downside probing with the 200 day moving average at 0.70971 as a major target.
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