NZDUSD going out for the week near the lows for the year and lowest level since July 2020

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NZDUSD going out for the week near the lows for the year and lowest level since July 2020

NZDUSD is trading below its 50% midpoint   The NZDUSD is ending the week near the lows for the week/year and lowest level since July 2020.  Looking at the daily chart, the pair is also trading just below the 50% currently at 0.64655. Stay below and move lower next week and the pair will start to target the 0.6377 area which is near lows going back to June 2020. It is also near a downward sloping trendline on the daily chart (see red and green numbered circles).  Drilling to the hourly chart, the pair ticked higher in the Asian session today and approached the 50% of the move down from the high this week and ahead of the 100 hour MA (blue line).   However, the momentum stalled ahead of that retracement/MA level at 0.6547. The high price reached 0.6542 before sellers leaned and pushed the price back to the downside. The gains from the first half of the day, were fully retraced and then some in the 2nd half. The last target on the hourly is the low for the week at 0.6451.   Ultimately it would take a move back above the falling 100 hour MA (blue line in the chart below) and 50% retracement level is to tilt at least some of the bias back to the upside. Absent that, and the sellers remain in firm control.              NZDUSD stay below the 50% and 100 day moving average today  Helping the downside today is the continuation of the selling the stocks and movement out of risk. The NASDAQ index is now down close to 500 points on the day or -3.85%. The Dow industrial average is down over 800 points or -2.44%. The S&P index is down 141 points or -3.31%.

Source: NZDUSD going out for the week near the lows for the year and lowest level since July 2020

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