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NZDUSD sellers run into swing area on the daily chart. Can the dip buyers get a win?

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New low just below 0.6800 today.

The NZDUSD move to the lowest level since November 2020 today on a dip to 0.67978. That took out the low price from Friday at 0.68016 which took out the low from August and the low for the year at 0.68042.

New low just below 0.6800 today.

The move took the price into a swing area down to 0.67804. That level goes back to September 2020 (see red numbered circles). Those levels were broken in November 2020 with the price returning to the level in August this year where support buyers leaned.

With the price returning to the swing area, traders have stuck a toe in the water once again against support both Friday and again today. It would take a move below the 0.67804 now to increase the bearish bias and shake out the dip buyers. 

Having said that, the buyers are just trying to find a cyber Monday deal. Overall, the sellers remain in firm control. 

Looking at the hourly chart below, the price high a week ago stalled right against its 100 hour moving average and closed lower on each day last week. The price is currently lower on the day would be the sixth down day in a row (closed at 0.68106). 

So dip buyers have a reason from the daily chart down to 0.67804, but don’t really have any upside momentum suggesting they are taking control from the sellers.

NADUSD on the hourly chart

What would help the buyers from a technical perspective?

The first level to get to and through would be near the high price from today at 0.68374. That high stalled near the low from last Thursday’s trade. 

Above that and the falling 100 hour moving average at 0.68622 would be the second upside target that would need to be broken to give buyers more control (and a “win”). As mentioned above, the high from last Monday, stalled near that 100 hour moving average and found sellers which started the six the day run to the downside. Getting above the 100 hour moving average would be paramount for any hope for the buyers of a continued upside corrective probe.

Until then, there is support from the daily, but the sellers remain in control.

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