Today... the 100 day MA was breached....
The NZDUSD has broken below the 100 day and the 38.2% of the move up from the August low. Concerns about China are still weighing on the commodity currencies. Earlier this week dairy auction prices dipped after two reports showing higher prices.
Technically, the price on Wednesday tested the trend line. Yesterday that line was broken and it tested the 100 day MA and 38.2%. Today, those were broken, turning the bias even more bearish. Traders will now use the MA and 38.2% as close risk. With the next major target at the 0.64815 level. That is the 50% of the move up from August.
