200 day MA at 1.0934. 50% retracement at 1.0947
The AUDNZD tumble the last two trading days On Wednesday, the Australia CPI was the catalyst. Today, the price moved lower still despite calls for lower NZD and continued potential for further cuts.
The price has found some buying interest against the 200 day MA (green step line in the chart above) and the 50% of the move up from the Feb. low. The 200 day MA comes in at 1.09342 today. The 50% is at 1.0947. The low today traded to 1.0923 on a probe below the MA level. That push was not sustained and the buyers have been a "leaner" vs the MA line. Traders are taking a chance that the selling is now done and a correction is forthcoming.
