The NZDUSD has been trending to the downside since last week’s high near 0.6080. The low price today reached 0.5872. That is just above a swing area between 0.5851 and 0.58699.
Support buyers are leaning against the wing area. There is topside resistance near 0.5936 if the buyers can’t stay above the 0.58699 level down to 0.58512.
A move below 0.58512 would open the door toward the October low at 0.57723.
Find out the details of the technicals driving the NZDUSD pair by watching the above video.
This article was written by Greg Michalowski at www.forexlive.com. Source