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The NZDUSD is trading to a new low for the week and in doing so to the lowest level since the end of June/beginning of July. The price is also below the 50% midpoint of the move up from the 2022 low to the 2023 high at 0.6024. Stay below is more bearish.
The next target comes in against the low for the year at 0.5982. Move below that, and the door opens for more selling. On the topside if the 50% can’t hold resistance in the short term, there could be some short covering into the weekend.
This article was originally published by Forexlive.com. Read the original article here.