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Forex technical analysis. If it worked yesterday, try again today...

NZDUSD tests 100 hour MA....Just like yesterday, only at a higher level.

The NZDUSD tested and bounced off the 100 hour MA yesterday and moved above a ceiling at the 0.6781-86 area. When the price moved back below that level, the buyers turned more to sellers and the price has followed the dollar down to the same MA that "held the line" yesterday. The difference is it is higher today (was 0.6690 yesterday. Today it is 0.67415). Nevertheless, shorts from above can define and limit risk, take some profit. If it breaks, sell again. Buyers are hoping for a bottom and continuation of the trend with limited risk (you can always sell on a break and lose a little). That is why it stalls. Risk is limited.

Will history be repeated? Does the buyers or the sellers win. Right now they are punching it out.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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