Up and down for the week is now seeing a break lower
The NZDUSD has been in an up and down trading pattern this week, with a floor at the 0.6384-875 area. That floor was broken over the last few hours and helps tilt the bias a little more to the downside. Stay below keeps the bias to the downside.
The bearishness is being helped by the inability to extend above the 100 hour MA (blue line) at 0.64028 on the corrective move higher earlier in the session (see hourly chart above).
If the sellers can stay in control, the next key targets are at the 38.2% at 0.63606 and then the 200 hour MA at 0.63539. The price moved above the 200 hour MA on October 17 and raced higher.
