Forex technical analysis: NZDUSD getting hammered and below the 100 week MA now

Weekly chart in play

The NZDUSD has been hammered on the news of the coalition news overnight (see Mike's posts here).

Technically, the pair broke below the 200 hour MA and 50% retracement on the hourly chart way up at 0..7123 area (green line in the chart above). Prior to that at the highs today, the pair failed when it moved back above the 200 day MA at 0.71598. So the bears were already showing a downward bias.

The break has sent the pair tumbling lower and in the process, the price has more recently broken below its 100 week MA at 0.7030 (see blue line on the weekly chart below). That is a key break if the price can stay below the line for the day (and the rest of the week).

The pair is approaching a trend line at the 0.6994 level. A break of that line will also be eyed (see chart below).

Drilling to 5- minute chart below the pair has been trending and has been able to stay below the 100 bar MA (blue line at 0.7039). That MA line is moving lower and on its way toward the 0.7030 level. A move above the MA line would be another less bearish signal that might lead to a corrective move higher. Be aware.

PS a move below the lower channel trend line would be more bearish.