The USD is continuing its tumble lower with the EUR, GBP, CHF, AUD and NZD all down -1.50% or more now. Versus the JPY the USD is down -1.01%.
The biggest mover is the NZDUSD which is now up 2.35%.
Looking at the daily chart of the NZDUSD, it has now reached and breached its 100-day MA at 0.6000 level and looks to test the 38.2% retracement of the move down from the July high to the October low. That level comes at 0.60166. Getting and staying above both those technical levels is needed to give the buyers some hope that they are taking back control from the sellers. Failure to get above both those levels, and the buyers are not wanting
The AUDUSD is the next biggest mover versus the USD with a rise of 2.07%. Like the NZDUSD, it is also above its 100 day moving average (blue line currently at 0.64899 on the chart below). It is testing at 38.2% retracement of the move down from the June high which comes in at 0.65103. Getting above both those levels and staying above gives buyers more control from the sellers. Failure to get above both those levels, and the buyers are not winning.
This article was written by Greg Michalowski at www.forexlive.com. Source