Rotates to new NY session low before the close.
Although the NZDUSD moved higher today, helped by gains in the AUDUSD from better economic data, the pair is ending the NY session with some disappointment. The price moved above the 100 hour MA (blue line currently at 0.6790), but could not sustain any momentum. In fact, the subequent highs were progressively lower. The pair just traded to a new NY session low at 0.67794.
Into the new trading day, if the pair is to go higher getting above the 100 hour MA (blue line) at 0.67903) is step one. Then the trend line and 100 day MA at 0.68098 will be eyed, followed by the 200 hour MA at 0.68247. Those are the move bullish steps.
ON the downside - and I give the bias to the bears on the failure of the break of the 100 hour MA - a move below the 0.6773 (see green circles) should solicit more selling and have traders looking toward the session lows.
The pair is up on the day which is good but the bulls have more work to do to prove they belong as the dominant bias. Get above the 100 hour MA and falling trend line, and the buyers can start to talk louder again.
