The NZDUSD has moved lower this week, and in the process moved below a swing area between 0.6031 and 0.60387. That swing area was retested yesterday on a corrective move higher and found willing sellers.
On the downside, the low price reached earlier today stalled at 0.5986. That was just short of the high of a lower swing area target between 0.5970 and 0.59836.
As we head toward the end of the trading week, those two swing areas will be the close-bias defining levels today and going into the new week.
- Continue the downside momentum and break below 0.5970, and sellers add to their control. Targets would be at 0.5912. The low price from August reached down to 0.58488.
- Move above 0.60387, and then back above the broken 61.8% retracement of the move up from the August low to the September high at 0.60509, and there could be further upside probably with the 200-day moving average at 0.6088 as a key target.
