NZDUSD technicals
The NZDUSD has dropped to a new low for the day and the trading week following the better-than-expected PPI data. The decline pushed the pair below:
100-day moving average at 0.5969
100-bar moving average (4-hour chart) at 0.5952
Weekly low at 0.5912
The session low has now reached 0.59075.
Downside targets include:
0.59039 — low from July 17
0.5882 — swing lows from June 23 and August 5
0.58769 — 38.2% retracement of the April rally
0.5845–0.5860 — key swing area
On the upside, buyers would need a recovery above 0.5937 and the 100-bar MA at 0.59524 to regain momentum. Until then, sellers remain firmly in control.
