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Forex technical analysis: NZDUSD tests resistance cluster

Discussion in 'Technical Analysis' started by ForexLive, Nov 24, 2015.

  1. ForexLive

    ForexLive Forum Member

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    100 and 200 hour MA, 50% retracement The NZDUSD took a tumble in the Asia Pacific session - falling down to a floor/ceiling area defined by recent swing lows/highs going back to November 6th (see blue circles). The low today extended briefly below that level at the 0.64977 level (the low reached 0.6492), but could not close below the line. The price rebounded back higher. The 0.6497 level can be characterized as a pretty good "Line in the Sand" on the downside. IF the price going forward is able to move and stay below, there should be a resumption of the downside bias for the pair. HOwever, the look below and failure today, has put the ball back in the buyers court. Are the buyers taking control? Well....a little... And

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