NZDUSD bounces off the 200 day MA

Technical Analysis

The 200 day MA at 0.65058

The NZDUSD has continued the month long move lower today. Over the 19 days since peaking on the last trading day of the year, the price has moved from 0.67549 to a low today of 0.65051.  The low today stalled right at its 200 day moving average at 0.65058 and has bounced modestly. The current price is trading at 0.65204. That is still down from the close yesterday of 0.6544.

The 200 day moving average is targeted. The 200 day moving average has been reached.  Traders leaned. The price bounces.

Going forward, if the price was below the moving average line, look for the dip buyers to turn to sellers with the 0.64864 trend line as the next downside target followed by the 50% retracement at 0.6479.  Below that and traders will be looking toward the 100 day moving average at 0.64554. 

On the topside, getting back above the broken 38.2% retracement at 0.6544 would give the dip buyers some added confidence.  Above that 0.65522 and the 0.6586 levels will be targeted. 

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