The NZDUSD has dipped lower in today's trade as the pair has been hit on “risk off” currents as well as higher levels.
Technically, the price is stretching closer to the 2022 low reached at 0.55105. today stands at 0.554 €. It stretches. The NZDUSD was trading as high as 0.63778 at the end of September (when the Fed started cutting rates).
Drilling down to the hourly chart, below, the price fell below a swing area between 0.5586 and 0.55918. Above that is another swing area and 0.5606 and 0.56125 and the 100 and 200-hour moving averages at 0.5618.
The price of the NZDUSD would need to extend back above these levels to reverse the technical bias to the upside. Without that and the sellers still have more control
