Lows stalled at 61.8% retracement of last move higher
The NZDUSD has snapped up to retest the 100 hour MA at 0.72587. The pair has found sellers on the test, but be warned, the London fixing is approaching at the top of the hour. Anything can happen.
For the week, the low was reached on Monday. That low stalled near the lows from last weekend swing low is going back to May 12 and May 13th as well ( see red numbered circles).
The high for the week moved above the most recent swing high from May 10 near 0.7304, on its way to the high on Wednesday at 0.73157, but stalled and corrected. The correction in two Thursday stalled near swing high from May 18 and rebounded higher.
Today, the buyers turned sellers, the pair fell below the low from Thursday and you down through the 100 hour moving average, 200 hour MA, but stall at the 61.8% retracement of the move up from the May 19 low at 0.72118.
Now with the 100 hour MA in play, sellers are trying to keep more of a bearish bias below that level. However the pair will need to also get back below the 200 hour moving average at 0.72276 to increase the bearish bias.