The NZDUSD has seen up-and-down price action today, with the last push to the upside. That move was helped by support holding against the 200-day moving average of 0.6153. There were three separate tests of that moving average in trading today, and each dip found willing buyers against the moving average level.
In the last few hours, the price has been able to extend above the higher 200-hour moving average of 0.61746. Staying above that level now will be the barometer for more bullish or more bearish.
Having said that, the 100-hour moving average at 0.6200 is a key target to get to and through followed by the 100-day moving average currently at 0.62098. Getting above each increases the bullish bias even more.
Recall, however, that last week (and even on Monday), the price did trade above its 100-day moving average only to run out of upside momentum.
This article was written by Greg Michalowski at www.forexlive.com. Source