Forex technical analysis: NZDUSD did trade back below 200 week MA but....

...not much momentum

The NZDUSD closed above the 200 week MA, over the last two weeks. That MA comes in today (and this week) at 0.7420

Last night the NZ employment report came in weaker than expectations, with the price falling below its 200 hour MA at 0.7465 on the news, and fell to 0.7418 initially. The rest of the Asian and the London session saw the price waffle above and below the MA level. The low reached to 0.74095. The lowest close was 0.7415.

The MA like was broken but it did not run. We currently trade at 0.7430. The corrective high reached 0.7457. The 200 hour MA is at 0.74657.

So what now?

The 0.7420 will remain a barometer for bulls and bears. Stay above, more bullish. Move below more bearish.
The 0.7409 was the low on July 26 (the most recent swing low) and again today
The 0.7400 was the low on July 25th

A move below the 0.7420 will be more bearish but understand, the 0.7400 level will need to be broken and stay broken. It is the nature of the a move lower after a run higher.

What we did accomplish today, was put a lid on the pair. The price fell below the 100 hour MA and on the correction, stalled ahead of the 200 hour MA. SO

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