For the week, the USD is the strongest while the NZD is the weakest of the majors

Technical Analysis

The NZDUSD is the biggest mover for the week with a 2.48% decline

For the week, the USD is ending as the strongest of the majors, while the NZD is the weakest.


That makes the NZDUSD the biggest mover for the week. The NZDUSD fell 2.48%.  The next biggest mover was the GBPNZD which saw a 1.93% change for the week. 

Looking at the hourly NZDUSD chart below, the pair closed at 0.7161 last Friday. The high for the week was on Monday at 0.7182. That high found sellers against the 100 hour MA at 0.7184. The 200 hour MA was just above that at 0.7189.   The inability to get above those moving averages, got the bearish ball rolling to the downside. 

The subsequent move below 0.7130-34 swing area, the 100 day MA at 0.7109, and another swing area at 0.7098 to 0.71035 all on Tuesday, increased the downward rout. 

The price action on Wednesday, Thursday and Friday has been more choppy and confined. The low was on Thursday at 0.6941. The 0.6955 to 0.69659 is a swing area (above the low) with a number of swing highs and lows.   Move below that going forward would be more bearish.  

On the topside, the falling 100 hour MA has caught up with the price  (and getting closer).  It currently is at 0.70056  (and moving lower).  Move above and stay above should lead to more upside probing.  Those will be the levels to eye in early trading in the new trading week. 

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