The NZDUSD has been moving higher in trading and the currency is the strongest of the majors today.
The % Change of the NZD vs the Major Currencies in trading today.
However, we are seeing some profit taking vs. the USD after testing topside channel resistancel. The price has moved below the prior high and should look to test the bottom side trend line at the 0l7873 level. This will be a key test for the pair as it has been stepping up using the 100 bar MA and trend line all day long.
The NZDUSD is rotating lower but support looms below.
Looking at the daily chart today, the picture is also showing signs of life. The price in November has moved to new lows for the year and going back to 2012. The move higher today has pressed above the consolidation channel from October. The underside of the trend line comes in at 0.7868 today. This along with the support on the 5 minute chart will be eyed as a risk defining level for traders on a dip now. If that area holds, we should continue to see some follow through buying in the pair as shorts cover.
The NZDUSD on the daily chart is back above the broken trend line at 0.7868.