NZDUSD sellers extend the corrective move lower and get below the 38.2% retracement

Technical Analysis

The USDs move higher today, has also included a downward run in the NZDUSD.

As we head into the Asian-Pacific session, the pair is trading near session lows. It has also broken below the 38.2% retracement of the move up from the December low to the December high. That level comes in at 0.62595.

Getting and staying below the 38.2% retracement gives the sellers more control. As result, that level is now a close risk level going into the new trading day. Staying below is more bearish. Conversely, they move back above and it is likely there will be a rotation back to the upside on the disappointment of the failed break (0.62766 will be the next upside target to get above).

On the downside, the next target comes against the 0.6238 when level. Move below that level, and traders will target the 50% midpoint of the same December move higher at 0.62259

Articles You May Like

Gold tanks as Fed Chair Powell signals cautious approach on rate cuts
Lots of balls in the air moving markets with the US government getting in the act today.
Pound Sterling advances as BoE interest-rate decision looms
Market Recap: U.S. stock indices rise today, but close with weekly losses
Inflation data the focus in Europe before the Fed later today

Leave a Reply

Your email address will not be published. Required fields are marked *