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NZDUSD tests 200-hour moving average near 50% retracement support

The NZDUSD’s low at 0.5812 attracted buying interest, but a break below 0.5809 could open the way to the next support zone near 0.5765 to 0.5777.

Reported · Written up by our desk · Major Pairs

NZDUSD has reversed from a push to its highest level since June 5 and is now correcting lower into a key technical support area, according to Forexlive.

The pair is testing its 200-hour moving average around 0.5819 while holding near the 50% retracement of the May 29 high to the June 26 low at 0.5809. Today’s low reached 0.5812, and some buying interest emerged to defend the zone.

Forexlive notes that buyers would likely need to reclaim the 200-hour moving average and then push back above the 100-hour moving average at 0.5839, which was broken during yesterday’s reversal as the rally stalled alongside renewed U.S. dollar strength.

On the downside, a break below the 50% retracement at 0.5809, followed by a move under the 0.5800 psychological level, would strengthen the bearish case and could shift focus toward support between 0.5765 and 0.5777.

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