Forex Trading: NZDUSD testing channel support

The weaker Retail Sales report last night (-1.2% headline), is another indication of the slowing as a result of record high interest rates.  The pair is now trading fairly comfortably below the 100 day moving average which comes in at 0.7665.   However, there is some support from the  channel support line (see chart).  That support comes in at 0.7555. 

Looking at the short term chart, the pair looks as if a bottom may be in place.  The 0.7555 level will be watched to see if it can hold. If it breaks below, the downside probe is probably not complete. 

Resistance above comes in at 0.7590.  A break above this level will target 0.7635 where there is good resistance from the 100 hour moving average and old lows and highs.  If the medium term trend is now down, the 0.7665 level (100 day moving average) should not be breached.