Continues to stay below falling 100 hour moving average on the 5 minutes chart
The NZDUSD has had very limited corrective moves in trading today.
Looking at the 5 minutes chart above, from the start of the day until now, the price has been below the 100 bar moving average (blue line) currently at 0.70276. As long as the price stays below the MA line, the dips buyers are not winning. The sellers remain in full control.
Taking a broader look at the daily chart, the price is approaching swing level from the month of December near the 0.7001 level (call it 0.7000).The low has reached 0.7004. If dip buyers want a low risk level to lean against for a potential bounce this would be it. Break below however, and I would expect traders to get out. Trends can go further than you expect. The next target would be at 0.69761.