Risk off hurts the pair
The NZDUSD is caught up in the risk off trade. The fall has taken the price below a swing area between 0.6718 and 0.67214. That swing area defined the upper extreme seen this week (and into the end of last week). Stay below that level keeps the bears more in control.
On the downside, the low price today tested a swing low going back to July 28 at 0.6702 (call 0.6700). A break below that level would next target swing levels between 0.6688 and 0.6692.
So the resistances defined above and the targets to the downside are defined below. Sellers are more in control but have additional work to do and need to stay below that key upside swing area.
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