Technical Analysis

NZDUSD tests hourly MAs on corrective move higher

100 and 200 hour MA stalling the rally

The NZDUSD fell toward the 0.6600 level earlier today and in the process tested the swing low from September 20 and a lower channel trend line (It was also a 50% retracement level.  I outlined the level in a post yesterday – CLICK HERE). 

The rally off the low has moved to a new session in the current hour. At the high the price tested the 100 hour MA and the 200 hour MA at the 0.66398-419 area.  The high reached 0.6639, and sellers leaned.  

When trader’s lean, risk can be defined and limited. Stay below the MAs and the sellers have an advantage. Move above and the corrective sellers bailout.  It is just a trade. 

ForexLive

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