The NZDUSD has been chopping higher with the NY action staying above the 200 bar MA on the 5 minute chart and a loose channel trend line. Earlier the price pushed above the midpoint of the move down this week but that attempt was quickly rejected.
With the channel defined in the chart above, and the 100 and 200 bar MA providing the risk borderline, a break below the support area should be enough to turn the bias back to the downside.
Looking at the daily chart, the move down this month has been dramatic and one way. The correction today tested the underside of the longer term broken trend line at the 0.7571 level and held. This has helped turn some of the intraday focus to selling again. Look for a break of the 0.7520-28 to provide more confirmation that the choppy correction, may be over.
