NZDUSD sellers extend the corrective move lower and get below the 38.2% retracement

<p>The USDs move higher today, has also included a downward run in the NZDUSD. </p><p>As we head into the Asian-Pacific session, the pair is trading near session lows. It has also broken below the 38.2% retracement of the move up from the December low to the December high. That level comes in at 0.62595. </p><p>Getting and staying below the 38.2% retracement gives the sellers more control. As result, that level is now a close risk level going into the new trading day. Staying below is more bearish. Conversely, they move back above and it is likely there will be a rotation back to the upside on the disappointment of the failed break (0.62766 will be the next upside target to get above).</p><p>On the downside, the next target comes against the 0.6238 when level. Move below that level, and traders will target the 50% midpoint of the same December move higher at 0.62259</p>

This article was written by Greg Michalowski at www.forexlive.com.