NZDUSD erases gains and trades at lowest level since May 19


NZDUSD is heading towards the lower channel trendline

The NZDUSD rallied during the Asian session and moved back towards an uptrend line.

Recalling yesterday, price moved briefly above this trendline but quickly reversed lower. This downward move extended to a swing zone between 0.63749 and 0.63792 towards the end of yesterday’s session and into the previous Asian session. The buyers are building on this level, pushing the price towards the aforementioned upper trendline.

The inability to extend above that level, however, turned buyers into sellers, and the price has been trending lower since then, helped by much stronger than expected US CPI data. .

The low briefly crosses below the 61.8% retracement at 0.6353. This has approached a swing zone between 0.63447 and 0.63479 and the channel trendline below 0.6336 currently (and moving lower).

On the way down, the price crosses below this swing zone between 0.6374 and 0.6379. This area is a narrow resistance. Stay below allows sellers to stay in control. Move above and the 50% midpoint of the range since the May 12 low moves to 0.63956. This would be the next target on further corrective upside polls.

For now though, the sellers remain in control with the 61.8% retracement and the lower trendline as the next major targets.

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