Key intraday support
The NZDUSD moved higher in the Asian/early European session on the back of stronger inflation in New Zealand. That move took the price back above the 100 hour moving average at 100 day moving average near 0.7023. The price high moved up to 0.70519 still short of the falling 200 hour moving average at 0.70591.
The last few hours has seen the pair price move back down to retest the near converged moving averages near 0.7024. A move below each has a potential of disappointing the buyers from a technical perspective. In contrast, for dip buyers, this is the area to buy as risk can be defined and risk can be limited against the moving average levels.
If the buyers are able to hold support here, traders will still be focused on the 200 hour moving average above. Getting above that level would open up the door for further upside potential
