NZDUSD fall below 100 hour MA and trend line as stocks weaken


Trend line and 100 hour MA broken near 0.6842

The NZDUSD is trading to a new session low and in the process has dipped below the 100 hour MA and rising trend line on the hourly chart. Those technical levels come in at 0.6843 and 0.68415 respectively. The low price just reached 0.68346.

Trend line and 100 hour MA broken near 0.6842

Sellers are not exactly rushing to to the exits. Nevertheless, in addition to breaking the 100 hour and the trend line, the pair also moved below a swing level at 0.68543.  That is close risk for the shorts now. Stay below, tilts the short term bias lower (high in place), with the 0.6816 and then the swing area at 0.6902-08 as the next downside targets.  

Move above the 0.68543 would likely give shorts looking for more downside, some reservations that being short is the way to go.   

For bank trade ideas, check out eFX Plus

Read more here