Retests 200 hour MA and bounces
The NZDUSD moved to a new day low after a test of the 100 day MA at 0.6420 found sellers. Also near the level was a topside trend line a few pips higher than the MA level.
The last few days has seen the price of the NZDUSD test/move above the falling 100 day MA, but each move above, has run into sellers (see red shaded areas). Today, early sellers kept a lid on the pair against the 100 day MA level.
The move to the downside stalled at the 200 hour MA at 0.64049 (green line). Like at the 100 day MA above, the MA stalled the move. This time the buyers showed up.
The range is set with the 100 day MA above at 0.6420 and the 200 hour MA below at 0.64049. Traders will be looking for a break at some point. A break to the downside would look toward the 0.6392 to 0.6397 area. A move below that would open the downside.
If the 100 day MA and trend line can be broken above, the high from last week would be targeted.
