100/200 hour MAs in play
The NZDUSD has moved lower today and in the process returned back toward the 100/200 hour MAs.
Yesterday, the price trended higher and reached the 61.8% of the July trading range at 0.70188. Sellers leaned against the area.
The corrective move lower in the Asian session saw the price moved toward the 50% midpoint. One final retest of the 61.8% saw the target broken, but only by a few pips before heading back down. The 50% midpoint has been broken with the retest of the 100 hour MA, the next target at 0.69765. The 200 hour MA is at 0.69658. Move below both, would tilt the technical bias more in favor of the sellers (once again).
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