Range is well above the average.
The NZDUSD has trended higher in trading today.
The bullish bias may have started last week when the price stalled at the 200 day MA at 0.7132. The price bounced.
Yesterday, the low stalled ahead of that level but also remained below the 100 day MA and broken 50% retracement at 0.7187.
Today, that 50% and 100 day MA level was eventually broken and it helped to contribute to the trend move higher today.
Drilling to the hourly chart below, the pair has also been able to extend above the 200 hour MA (at 072067 currently), the 100 bar MA on the 4-hour chart at 0.72438, but has just stalled against a topside trend line (see red circles). Sellers - after the 107 pip trading range (the 22 day average is 67 pips) - are leaning against the line. Perhaps some traders taking profit (with stops on a break above).
Are the sellers taking back control?
Still too early to tell. Close support comes in at 0.72437 (100 bar MA on the 4-hour chart). A move below that will muddy the waters a bit intraday.
Looking to the high from last week on August 29th, the price moved above the 100 bar MA on the 4-hour chart, the break failed (on August 29th). That was the first break since August 4th. The retest on August 30th stalled against the MA level.
Today's break is the 2nd above the MA (since August 4). I will give the benefit of the break higher to the bulls, but the price should stay above that 100 bar MA line, to keep them more in control.
A move above the trend line (it comes in at 0.7263) would be more bullish.
