The NZDUSD is trading to new lows as traders react today to risk-off sentiment as stocks/commodities slide. Concerns about growth in the US and CHna iare weighing on the pair.
Recall from last week, the NZDUSD peaked on Thursday after a surprise ANZ Business confidence number (50.6 vs 27.1 estimate). However, since then the price has stepped down over the last 3 trading days.
Technically, the price today dipped below the 200-hour MA for the first time since mid-August That MA comes in at 0.6221 and is now a risk level for shorts looking for more downside momentum. The next downside target comes in at the rising 100-bar MA on the 4-hour chart at 0.61446. The 38.2% retracement comes in at 0.6126.
Close short term resistant for sellers comes in at 0.6193 (high price from early last week). More conservative risk comes in at 0.62212