NZDUSD tumbles to the downside and trade between the 100/200 hour moving averages

Technical Analysis

The NZDUSD has been stepping lower and lower and lower, since it’s high at the start of the London morning session.

Recall from yesterday’s trade, the price moved above the swing highs from December 29 and January 3 at the 0.6856 level. The move above, gave the buyers to push up toward the 0.6900 level (the high price reached 0.6890), but backed off back toward the old swing highs at 0.6856 by the close.

In the Asian trading, the price waffled down and then back up, but since the start of the London morning session, the trend has been down, down further, and down further. The price is trading at the session lows near 0.6799 (call it 0.6800). The price also just moved below its 100 hour moving average at 0.68147 and is looking toward the 200 hour moving average at 0.67995.

There should be some stall near the 200 hour moving average as traders collect their breath and decide whether to keep the momentum going or consolidate and think about the next shove. The 100 hour moving average at 0.68147 is now resistance.

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