The 0.7052-59 area is being tested
The NZDUSD moved up to test the swing highs from June 2018 between 0.7052-59 yesterday. The high price reached 0.70499 and backed off (see daily chart below).
That correction yesterday (see chart below), moved down to test the 100 hour MA (near the close from yesterday - see blue line) AND the swing high going back to last Tuesday at 0.7004. The fall stalled and rallied in the early Asian session (see chart below).
The high today has reached 0.7048. The current price is at 0.70424.
Needless to say, a move above the 0.7049 to 0.70590 is needed to open up the door to further gains. Stay below keeps a lid on the pair however.
Risk for longs (who are in control) remains the 100 hour moving average at 0.70169 and moving higher (blue line in the chart below). It would take a move below that moving average line to weaken the technical picture now.
