Four of the last five days down. 290 pips lower
The NZDUSD has fallen 4 of the last 5 trading days. The only gain was a 4 pip gain on Thursday. Over the move lower the price has traveled 290 pips from the high (0.7053) to the low (0.6763).
Today the pair took an additional bearish turn with a move below an upward sloping trend line connecting the Jan 2016 low to the March 2016 low at 0.6788 level. That is more bearish technically on the break. The move lower has approached lows from April at 0.6758-61 area. A move below that level will have traders looking toward a test of the 100 day MA at 0.67206.
Drilling down to the hourly chart, shows that the intraday correction off today's low at 0.6763 stayed BELOW that 0.6788 level. So if you want confirmation of the control, the bears are keeping in control by keeping a lid on the correction against the broken trend line level.
