The NZDUSD – like the AUDUSD has trended lower this week. The move is making new session low and the process has moved below the 38.2% retracement of the move-up from the October low. Staying below that level after a trend move to the upside shows the sellers are looking to take more control. The next target area comes between 0.6112 snd 0.6125. Below that level is the 200-day moving average at 0.60916.
The last time the price tested the 200-day moving average is back on December 13. Buyers showed up near that level and started the rotation back to the upside to the high price reached toward the end of December.
This article was written by Greg Michalowski at www.forexlive.com. Source