NZDUSD low stalls at the July low…so far at least
The NZDUSD moved down to a low of 0.60595. That tested the low going back to Jully14 at 0.60599. Lap up and down is complete.
The price is modestly off the low, trading at 0.6064.
Looking at the 5 minute chart below, the high correction off the July low could only reach 0.60736. That corrective high was a short of the Asian session low which saw the pair reach down to 0.60744.
Needless to say not being able to get above that target, keeps the negative/bearish bias still firmly in place. Bouncing off a old low needs to do a little more than that to give the dip buyers some confidence.
NZDUSD bounce off the low is weak so far
This article was originally published by Forexlive.com. Read the original article here.