Yesterday I wrote a post on the NZDUSD and the non trending range. The price was looking to break below the bottom floor (it did briefly – see red areas in the chart above) but it failed when the price moved back above the 100 and 200 bar hour MAs (blue and green lines) after the better than expected NZ Retail Sales report. That report sent the pair to new highs and above the meat of the non trending range that has been in place over the last 10 or so days (yellow area).

Now the price has moved back below the top ceiling at the 0.8377 level and into the non trending range (yellow area) as risk trades are exited.  If the price can remain below this ceiling it could lead to a test of the 100 and 200 hour MA below (at 0.8328 -34). A break of those levels would target the bottom floor level once again.

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