NZDUSD lower in trading with traders leaning against 100 hour MA and then the 200 hour MA

The NZDUSD has seen the price move lower in trading today as risk-off sentiment led to declines. Having said that, the fall was not without it’s ups and downs intraday.

Nevertheless, technically speaking, the first corrective high in the Asia-Pacific session stalled against the 100-hour moving average (blue line on the chart below). The rest the day saw the price move above and below the 200-hour moving average (green line). However, so far the last few hours has seen the 200-hour moving average hold resistance at 0.57233.

That moving average will be close resistance going into the new trading day. Staying below would keep the sellers more control, and have traders looking toward a swing area between 0.5683 and 0.5694 (see green numbered circles).

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