Approaches...well tests the intraday support
The NZDUSD has moved lower in the last hour of so of trading and is testing intraday support against the 200 bar MA on the 5-minute chart and the 50% of the move up today at 0.7440.
When the 200 bar MA and 50% line up after a trendy move higher (or lower), it tends to attract interest. We are seeing some slowing of the selling against the support as traders put a buying toe in the water on the low risk trade. Stay above the 50% and the pair moves back toward the underside of the broken trend line and the 100 bar MA after that (blue line). Move below the 50% and traders look to exit as the water gets more muddy for the bullish move today. Intraday trade level.
