NZDUSD tests, but can’t break a cluster of support

The NZDUSD trended lower into yesterday’s trade, but after reading it at 200 day moving average near 0.60901, and a swing area between 0.6078 and 0.6085, the selling baby in the price corrected the upside. That move to the upside took the price to an Asian session high of 0.6135. That was short of the broken 38.2% retracement of 0.61423.

After stronger than expected US initial jobless claims, the price moved back to the downside and back toward the 200 day moving average, but found early buyers against the level at 0.60937. The price has been consolidating between that level and 0.6114 since then.

If the buyers are to take more control, getting above 0.6112 – 0.6125 would give some relief followed by a break of the broken 38.2% retracement at 0.61423.

This article was written by Greg Michalowski at www.forexlive.com. Source