Trading back below the 200 hour MA and 38.2% retracement
The NZDUSD fell below a floor 0.6384-875 area in trading yesterday afternoon.
Today, the market rallies were able to stay below that old floor (now ceiling) and that gave the sellers to go ahead 2 push lower in the European session.
The last 4 so hours have seen the price trade above and below its 200 hour moving average and 38.2% retracement. Both are at the 0.6361 area. We currently trade just below those levels at 0.6358. Can the sellers keep the pressure on?
On the downside the 50% retracement of the move up from the October 16 low, comes in at 0.63376. That will be the next downside target if the sellers can keep the pressure on.
The final University of Michigan sentiment for October will be released at the top of the hour with the expectations for unchanged versus the preliminary at 96.0. The current conditions in the preliminary came in at 113.4. The expectations index was at 84.8.
