The NZDUSD is moving lower after an earlier move higher in the early New York session ran out of steam. The high price reached the high of a swing area between 0.60829 and 0.60949. The subsequent fall took the price back below the 100-hour moving average of 0.60703 and the 200-hour moving average of 0.60532. Staying below those moving averages keeps the sellers more in control.
The trading range of the last 4 trading days is only about 70 pips if the momentum to the downside is to increase, taking out the low from Monday’s trade at 0.6040 would increase the bearish bias and also increase that narrow trading range.
NZDUSD is trading in a narrow 70 pips trading range
This article was originally published by Forexlive.com. Read the original article here.