The NZDUSD has seen a number of ups and down in recent trading. That pattern continued in trading today with up-and-down price volatility.
The most recent “run” has been to the downside (see hourly chart below), and that move has taken the price back below the 100/200 hour MAs. The 100-hour MA is at 0.61924. The 200-hour MA is at 0.61847.
I know the price has been trading above and below those MAs without much momentum on the breaks. However, trading below those MAs still tilts the bias lower. Move above and the bias flips once again.
On the downside, the 200-day MA at 0.61542 is the next target. Recall from yesterday, the price stalled against that 200 day MA before moving higher. Going forward, a move below – and then the 38.2% at 0.61464 – would open the downside for more selling. Hold the level and the ups and downs continue in the pair.
This article was written by Greg Michalowski at www.forexlive.com. Source