Technical Analysis


Up and down day

Although stocks have gotten hammered, the NZDUSD has not seen the typical risk-off trade.  

The pair closed yesterday at 0,6470. The current price is at 0.6470.  So the pair is trading unchanged on the day. 

The high reached to 0.6496 in the Asian session. The low fell to 0.6453.  The low to high trading range of 43 pips is below the 22 day average of 52 pips.  

Technically, the lows today dipped below the 100 hour MA (blue line in the chart above) at 0.6457 currently, but the dips were modest.   If the price is to go below the 100 hour MA, that would change the bias (and stay below). 

The major stock indices are back at the lows for the day.  Will the traders change their tune and crack the NZDUSD.  A move below the 100 hour MA (and stay below) will be eyed.  

ForexLive



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