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NZDUSD was back up to swing low area from last week/this week

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Swing area between 0.7207 and 0.72122

The NZDUSD followed the dollar lower trend and spiked to the upside. 

Swing area between 0.7207 and 0.72122_

The move higher took the price back above its 100 day moving average at 0.71780. It also moved above the 38.2% retracement of the move down from last week’s high at 0.71977. The high price moved to 0.72087. That high stalled within a swing area since May 25 between 0.7207 and 0.72122 (see red numbered circles). A move above that area would have traders targeting the 50% of the range since last week’s high at 0.72203, and the falling 100 hour moving average at 0.7222. It would take a move above both those levels to increase a bullish bias.

On the downside, a break back below the 38.2% retracement (and away from 0.7200) would be a small negative and should lead to further probing with a potential move back down toward the 100 day moving average at 0.7178.  Moving below the 100 day moving average would certainly ruin some of the bullish bias seen today. 

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