Originally published by AxiTrader
The New Zealand dollar is trading at 0.7115 this morning - its lowest level since early June. The level puts the kiwi below the 200 day moving for the first time in 3 months and suggests a deeper retracement is in the offing.
Indeed a simple Fibonacci extension off the recent low, recovery and now break suggest a move below 70 cents to 0.6968.
In the short term a move back above 0.7170 would break a little 4-hour downtrend which may suggest that the kiwi has turned.
Have a great day's trading.