NZDUSD sellers are trying to make a play below hourly MA levels

Traders in the NZDUSD are extending the price to new session lows for the new trading week. In the process, the price has moved back below its 100 hour moving average at 0.5910, and it’s a 200 hour moving averages 0.59029.

Earlier today, the high prices in the Asian/early European session stalled against the 38.2% retracement of the September trading range at 0.59189. Staying below that level gave the sellers the modest advantage. Falling below the hourly moving averages increases that advantage for the sellers.

Going forward, getting below the Friday low at 0.5891 would open the door for a run toward the swing lows from last week (and from the low from Friday, September 8) near 0.5879. A move below that level would open the door for a run toward the September lows at 0.58589.

This article was written by Greg Michalowski at Source