The NZDUSD is tilting the bias back to the downside
The run higher yesterday above the 200 hour moving average runs out of steam
Today, the reverse has happened. The pair move back below the 200 hour moving average, the broken trendline, and more recently the 100 hour moving average.
Going forward, staying below the 100 hour moving average will keep the sellers more in control. That moving average is also surrounded by a swing area between 0.7129 and 0.7136. A move back above the 0.7136 level would not be the greatest thing for sellers/bearish. Admittedly the 200 hour moving average at 0.7147 would still be needed to get above. However sellers below the 100 hour moving average would start to get frustrated on a move back above that level.
On the downside, the 200 day moving average comes in at 0.7092. That is bookended by swing levels between 0.7092 and 0.71043. Move below that level have traders looking toward the lows from Friday's trade down to 0.70726.
Sellers have more control in the NZDUSD a day after the buyers had control. That puts a little skepticism in the minds of the traders as they get chopped around. However, the technical levels are doing a fairly good job of showing the bias, and showing where it is taken away. So listen to the technical levels and be prepared to deal with the up and down price action
November 10, 2021 at 05:17AM
https://ift.tt/3BZGjOI
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