The NZDUSD has been hit today as moves out of the risk pairs took charge. The move down rejected new lows rather quickly and convincingly, only to find willing sellers against trend line resistance. In between is the 100 bar MA on the 5 minute chart at the 0.8166 level. It seems the pair is happy to rest around the current area with a negative bias if the topside trend line holds at the 0.8183 level currrently.
A key level to be aware of comes in against the 200 day MA and the 38.2% retracement at the 0.80837 level (see chart below). This level was tested and breached on two separate occasions last week. A move through this level a third time should solicit additional momentum, with a move toward the 100 day MA (at 79.69)the next key target area (blue line and 50% retracement).
