6 of 7 days lower. Today corrects higher
The NZDUSD - prior to today - fell on 6 of the last 7 trading days. On Friday, the pair fell to the lowest levels since September 2015 - taking out the September 3 low at 0.62687 and a lower trend line on the hourly chart below.
Today, the price moved back above that lower trend line, retested the level on a move lower, and moved above back above the 0.62687 and a higher trend line on the same hourly chart. The price just extended to new session highs and in the process is moving above a swing low level from Friday. Baby steps higher for the pair, helped by some technical breaks on the upside.
The next targets - should the bulls keep more contol - is near the 0.6899 level with the 100 hour MA at 0.63045. The price has not been above the 100 hour MA since September 12.
On the downside, a move back below the broken trend line at 0.6272 and the early September low at 0.62687, would sour the "low is in for now" buyers in this pair today.
