The NZDUSD is staying below its key 200 day moving average of 50% retracement target. Those levels, are between 0.6033 and 0.6035. The high price today stalled at 0.6030. Stalling against the area, keeps the sellers in play. Going forward it would take a move above that level – and staying above – to increase the bullish bias today and going forward this week. Keep that area in mind.
On the downside, the 38.2% of the move down from the March high at 0.5990, and a swing level near 0.5983 are the answer targets that would need to be broken to give the sellers more confidence and control.
Overall the buyers had their shot today when they approached the topside resistance but stalled. Now it is the sellers term
This article was originally published by Forexlive.com. Read the original article here.