The NZDUSD has been tracking the 100-hour MA higher There have been some brief moves below the 100 hour MA over the last few weeks, with a few times when the price dipped below the MA but quickly rebounded higher.
Today, there has been another dip below the 100 hour MA. Seller are “making a play”. Can they now keep the momentum going.and probe the downside.
Looking at the hourly chart, the 38.2% of the move up from the September low comes in at 0.6258. Below that and the traders will be looking toward the 200 hour MA at 0.6233 and the 50% of the same move higher at 0.6229.
Can the sellers keep the pressure on now that the price has broken below the 100-hour MA?
This article was written by Greg Michalowski at www.forexlive.com. Source