The NZDUSD retraces gains. Back below the ceiling(s)

Technical Analysis

Author: Greg Michalowski | nzdusd

100 hour MA targeted below

The NZDUSD held the 100 hour MA on Friday and again in the first hour of trading in the new day today (see blue line).

The rise, took the price above some ceiling levels.  One comes in just below the 0.7300 level at 0.7297-992 area (see red numbered circles).  

The second one was defined by the high from last week at 0.7310.  

The price rise above those two ceilings pushed the price to a high of 0.73223, but the momentum faded, and we currently trade back below both those ceilings.  They now represent resistance once again.  Stay below each, keeps the sellers content. 

Although sellers are showing signs of strength, the 100 hour MA remains a key level to get to and through. Remember, on Friday and again in the early hours of trading today, that MA stalled the fall.  So if going lower, that level will be a key level to get below.

Right now, we are retesting the 0.7297-99 ceiling. Stay below is key.

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