NZDUSD returns to a cluster of MAs including the 100 hour MA, 200 hour MA and 200 day MA

The NZDUSD is closing today higher. The currency pair is up 0.70%.

The move to the upside saw the pair extend above 3 separate moving averages

  • 100-hour moving average at 0.6198
  • 200-hour moving average of 0.62089
  • 200-day moving average of 0.62215.

The high price reached 0.62246. That was still short of a downward-sloping trendline and the 50% midpoint of the trading range since June 29. In the new trading day, getting above the 200-day moving average at 0.62215, and the 50% midpoint/trend line at 0.62309, would open the door for increased bullish momentum.

On the downside, a break below the 100-hour moving average of 0.61981 until the bias back to the downside. The 61.8% retracement of the move up from the June 29 glow comes in a 0.61874. Moving and staying below both of those levels opens the door for further selling.

The Reserve Bank of Australia will announce its rate decision in the new trading day. Oftentimes, the NZDUSD will follow the lead of the AUDUSD. Be aware. However, the technical levels should help to tell the story (bullish or bearish) in the new trading day.

This article was written by Greg Michalowski at Source