Price extends above the highs from last week, this week
The NZDUSD is running higher and higher today.
Recall from just yesterday, the price of the pair dipped to the 100 day moving average at 0.6551 (the low reached 0.6546 before rebounding). The rally was a modest ( stay below the highs from Wednesday's trade).
Today, after an early dip in the 1st hour of trading in the Asian session, the pair moved up to test the converged 100 and 200 hour moving averages (blue and green lines). After a brief correction, the price moved above the levels, and started to use them as support (risk was defined and limited). The pair over the last 4 hours have seen the price rocket to the upside.
The most recent hurdles took the price above the highs from Tuesday at 0.66572 and the high from last week just below that level at 0.66571. The price is also move back above a broken trend line at 0.6662.
The pair also moved above the 50% retracement of the move down from the September 18 high. That level comes in at 0.66539. That is close support for intraday traders. Stay above keeps the buyers firmly in control.
The pair has a 104 pip trading range today. That average is 63 pips over the last 22 days (about a month of trading). That may give traders some cause for pause (overbought?). However, unless sellers can take the price back below some of the aforementioned broken levels, the buyers remain in control.
