Technical Analysis

NZDUSD higher on the day and back above 200 day MA, but work to do.

200 day MA is at 0.6730. 100 hour MA and 200 hour MA remain as hurdles above

The price action in the NZDUSD was only worth 31 pips from the low to high today. That is below the 53 pip 22-day average (about a month of trading).  The low extended to 0.6722. The high reached 0.6753.  We currently trade at 0.6742.

Technically, the price waffled above and below the 200 day MA during the Asian session, then started to move higher off that MA line (more bullish).   The not-so-bullish, is that the high for the day did stall ahead of its 100 hour MA (blue line) at 0.67571.  Last week, the price did peak above that MA line, only to back off (formed a ceiling at those highs – remember going forward).   

If there is to more upside momentum, that MA will need to be broken. Until then, the sellers remain in control. Watch the 200 day MA at 0.67303 for more bearish clues. 

 
ForexLive

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