Technical target comes in at 0.7226-31
The NZD is the weakest currency today. The trade data at the start of the trading day, gave the pair a push lower away from the 100 hour MA (blue line the chart below). The fall took the price to the 61.8% and the low from Friday in the Asian session. In the London/NY session, that level was broken with more downside momentum.
The fall has now taken the price back down toward a lower trend line at 0.7229. Also near that level are swing lows going back to Feb 9 and Feb 12. The trend line has 4 points near it.
I would expect buyers to lean against the level BUT have stops on a break (give it 5 pips below).
