The 100 day MA stalls the rally (at 0.6458
The NZDUSD moved higher on the weaker dollar after ISM at least, but the gains did run into some key resistance at the 100 day MA at 0.64574. The high reached 0.6456. We currently trade a little off that level at 0.6445.
The run higher also extended above the September swing high at 0.6450.
Finding sellers at the 100 day MA and the price back below the 50% as well, is giving the sellers some comfort. My guess, however, is if the levels are broken, the comfort will turn to more of a discomfort. I would expect the shorts to cover and the price to move toward the 0.6480 (swing low from May), and the 50% at 0.64966.
On the downside, the old high from October (before today) reached 0.6435. A move back below that level, and then the broken 38.2% at 0.64273, would give the sellers even more comfort.
