The rallies continue for those pairs
The NZDUSD as extended to a new session high and solidifies the pair as one of the strongest currencies today. The AUDUSD is now up 1.15% on the day and is the strongest. The NZDUSD is the 2nd strongest with a gain of 0.95%.
For the NZDUSD today, the pair broke and is moving away from the 200 day MA at 0.63079. Earlier, the low for the day stalled at the 61.8% retracement at 0.62628. Both actions more bullish from a technical perspective.
Drilling down to the hourly chart below, the pair is currently testing a topside channel trend line connecting recent lows and highs over the last 3 days. A move above that topside trend line (at 0.6353 currently and moving higher) should open the door for further upside momentum. Stay below we could see a rotation lower.
Risk for longs is now at the 200 day moving average at 0.6308. That is also where we should see support buyers show up.
