Stay below 0.6881-837
The NZDUSD has broken below a floor at 0.6881-837 today, and for the most part has been able to stay below for most of the NY session. That level had stalled falls going back to May 21, May 23, June 19 and earlier today. What was a floor is now a ceiling.
Drilling to the 5-minute chart, the price did try once to get above the old floor (now ceiling) but the price ran into the 100 bar MA (blue line) and fell back down.
The price has moved back to the area and continues to stall (for now). The 100 bar MA and the ceiling will need to be broken to give the buyers more hope. Failure to do that (or break and fail) and the sellers remain in firm control.
The May 16th low at 0.68504 is the next downside target. A move below that level, and the swing low from December 2017 at 0.6816 and the November 2017 low at 0.67805 will be targeted.
