Resistance at 0.5878. Support at 0.58387.
The NZDUSD moved lower in the European session an in the process moved to a new week low. The floor from Wednesday and Thursday was at 0.5878. That is now resistance (close risk for shorts). The high since the break has reached 0.58751 – just below that level.
The fall lower stalled ahead of the 38.2% at 0.58387. The low for the day reached 0.5842 – just above that level.
There is a battle between the sellers above at 0.5878 below and the buyers below at the 0.58387.
For the week, the NZDUSD peaked on Monday at 0.60619. That was just below the high from Friday at 0.60686.
The wander to the downside moved below the 100 hour moving average for good on Wednesday. That moving average was tested in the New York session on Wednesday and again during yesterday’s trade. They moving average is currently at 0.59379.
Today, the 200 hour moving average (green line) was a ceiling and helped give confidence to the sellers. That moving average is currently at 0.59206. Stay below is more bearish.