The NZDUSD has moved lower and lower, since reaching a high at the start of the London morning session.
Recall from yesterday’s trade, the price broke through the swing highs of December 29 and January 3 at the 0.6856 level. The above move allowed buyers to climb back to the 0.6900 level (high price hit 0.6890) but retreated to old highs at 0.6856 at the close.
In Asian trade, the price fell and then rose again, but since the start of the London morning session, the trend is down, down and down. The price is trading at a session low near 0.6799 (call it 0.6800). The price has also just moved below its 100 hour moving average at 0.68147 and is turning towards the 200 hour moving average at 0.67995.
There should be some stall near the 200 hour moving average as traders catch their breath and decide whether they want to maintain momentum or consolidate and think about the next shove. The 100 hour moving average at 0.68147 is now a resistance.