Bears stay in control this week
The NZDUSD peaked today near its 100 day MA and eventually moved away from that MA to the downside. Looking at the daily chart below, the price has now fallen below the 6120% retracement at 0.64139. The sellers remain in control.
Drilling to the hourly chart below, you can see the reluctance near the overlay of the 100 day moving average at the session highs. The price was also below its 100 hour moving average (higher blue line). It took a while for the price to move lower, but once a lower trendline from this week was broken near the 0.64408 area, the momentum to the downside accelerated.
Of note this week is that at the highs for the week on Tuesday Wednesday the price stalled against its 200 day moving average near the 0.6502 area. Stay below that 200 day moving average kept the sellers/bears more in control and help contribute to the bias lower.
Today the price is also moving away from swing low areas from last Friday and earlier this week at the 0.6449 – 53 levels (see yellow area in the chart below).
It will take a move back above the broken trend line at 0.6436 currently (and moving lower), to turn the bias more to the upside intraday. Absent that and sellers remain in control.
