Completes an up and down lap
The NZDUSD has had an up and down day.
The initial move today was to the upside. As NY traders entered, the price started it’s reversal (along with the run higher in the USD). That took the price back down to the low for the day, and even through that low by a few pips.
However, support against the 38.2% held and near the lows from Friday between 0.70735 to 0.70758 (see red numbered circles).
The price bounced modestly. The next target is 0.70939. Above that is the high from December 3 at 0.71035 and the high from Friday at 0.71129 and the high today at 0.71197.
Sellers have a little advantage just on the price action today. However, if the pair is going lower, it has to get and stay below the 38.2% and the swing lows from Friday.
This article was originally published by Forexlive.com. Read the original article here.