NZDUSD trending lower amid weaker NZD and broken technical levels

The NZD NZD The New Zealand Dollar (NZD) is the official currency of New Zealand and the tenth most traded currency in the world. Also referred to as the Kiwi, the currency is also utilized in several Pacific islands, including Tokelau, the Cook Islands, Pitcairn islands, and Niue.The NZD’s history is long, extending back to 1934 with the creation of the Reserve Bank of New Zealand. While far from the most traded currency in the global forex market, the NZD has a key role nonetheless.The NZD is considered a The New Zealand Dollar (NZD) is the official currency of New Zealand and the tenth most traded currency in the world. Also referred to as the Kiwi, the currency is also utilized in several Pacific islands, including Tokelau, the Cook Islands, Pitcairn islands, and Niue.The NZD’s history is long, extending back to 1934 with the creation of the Reserve Bank of New Zealand. While far from the most traded currency in the global forex market, the NZD has a key role nonetheless.The NZD is considered a Read this Term is currently the weakest among major currencies, with the NZDUSD pair trending downwards, down by 1.15% for the day. Consequently, various technical levels have been successively breached.

Observing the hourly chart above, the price has fallen below the

• 100-hour moving average Moving average A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot Read this Term (blue line at 0.62144),
• 38.2% retracement of the March trading range at 0.6205,
• 200-hour moving average at 0.61968 (green line),
• Swing area between 0.61915 and 0.6203, and the
• 50% midpoint of the March trading range at 0.61818.

The pair is currently trading at 0.61739.

The next downside target, which has not yet been broken, is the 200-day moving average at 0.6160. Last week, the price fluctuated above and below the 200-day moving average on Thursday but failed to maintain momentum on the downside. Sellers had their opportunity but missed it, leading the price to rise on Friday and into early Monday trading.

So, what's next? Sellers have regained control as the price has fallen below the 200-hour moving average. Those who believe the USD will continue to strengthen should not want to see the price rise above this level and subsequently above the 100-hour moving average. However, staying below the 200-day moving average is equally important for sellers. If the price continues to decline, traders will eye the low from last Thursday at 0.61385, followed by the swing lows from February 27 and 28 near 0.61294.