GDT auction results come out. -0.8% vs the last auction.
The NZDUSD has traded up and back down in trading today. The "downs" have been able to find support buyers near the 200 hour MA (green line in the chart below) and trend line support. The trend line comes in at 0.7233. The 200 hour MA comes in at 0.72258 currently. The 100 hour MA is not far away at 0.72409.
The pair has been trending higher since mid-May, but is consolidating/stalling a bit. Nevertheless, the buyers still have more control above the 200 hour MA.
The Global Daily Trade auction is just out as I type and the prices are down -0.8% vs +0.6% at the last auction. The price of the NZDUSD is marginally lower after the news and trades below the hourly trend line. The 200 hour MA at 0.72258 remains a key target to get to and through, though.
On a break, the low from Friday at 0.7184 (green circle 2) and then the lows from June 6, 7 and 11th at 0.7169 area (the 100 bar MA on the 4-hour is also at 0.7171) becomes the targets.
ON the topside, the 100 hour MA will now be eyed at 0.72408. If the selling stalls and that level is broken, the correction may have run its course for now....
