NZD/USD trades similarly to AUD/USD as the battleground is seen at the key hourly moving averages
Much like AUD/USD, the NZD/USD has been a trade on risk over the past few sessions since towards the end of last week. Topside this week has been failing to breach the key hourly moving averages and the recent shove higher today is meeting a similar fate for now.
The high today touched 0.6064 before falling back a little as sellers are still defending any move to try and get above the key hourly moving averages. The 100-hour MA (red line) and 200-hour MA (blue line) are currently seen @ 0.6046 and 0.6066 respectively.
Those are the key levels to watch out for in the near-term now. Stay below and the bias remains more bearish but move above, the bias then turns more bullish.
So far, the kiwi is gaining on the back of more positive sentiment in the equities space - similar to the aussie. US futures are still keeping gains of over 1% so far but as we learned yesterday, that can all fizzle away especially with US-China tensions flaring up.
For now, the technical picture isn't quite siding with buyers yet but they are pushing the agenda at least. Further resistance in NZD/USD is seen at around 0.6075 next before a potential move back towards last week's high @ 0.6176.
Meanwhile, downside moves have so far been limited around the 61.8 retracement level @ 0.6012 with the 0.6000 handle also acting as another area for buyers to lean on recently.
For sellers, those are the key levels to try and break below if the risk mood turns around later in North American trading.
