NZDUSD tilts to the downside and in the process retests its key 200 day MA

The NZDUSD fell last week but going into Friday, support held against its 200-day moving average near 0.60794 where buyers came in against that level. In the Asian session today, the price moved higher. However, that move to the upside was limited with the natural resistance at the 0.61000 level stalling the rise.

In the US session this morning, the price has rotated back to the downside and is looking back toward its key 200-day moving average target. If the price can get and stay below that moving average, there should be a further shift to the downside. On the downside, the low of the swing area comes in at 0.6061. That would be the next target to get to and through to increase the bearish bias.

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