Support at 0.70956
The NZDUSD is lower for the 4th consecutive day. The price low today reached 0.71039. The close from Friday was at 0.7154. The current price is trading around 0.7138.
The low from Friday reached 0.70985. That was just short of the swing low for the year 0.70956 reached in January. Move below that level would then target the rising 100 day moving average at 0.70502. The price is not traded below that level since early November and has not traded materially below that moving average level since May 2020.
Looking at the hourly chart, the sellers remain in control below a trendline. Getting above that trend line is the minimum if the buyers are to try to take back some of the bearish bias seen in the pair. A trendline currently cuts across at 0.7147. Above that is the swing low from February 17 at 0.7157 and the 38.2% retracement of the move down from the March high. That retracement level comes in at 0.71779.
The price is down for 4 consecutive days. The price moved below a trendline on the hourly chart. The good news for dip buyers is that risk can be defined against the low for the year. It also remains above its 100 day moving average. So there is a bit of a battle going on, but the battle lines are drawn 19, sellers are more in control, and the buyers need to prove they can take back some of the control