The NZDUSD is racing higher today as “risk-on” flows = Buy NZDUSD (at least today).
Technically, the price moved back above the 100 day MA at 0.6088 and then the 50% of the move down from the December 2023 high at 0.6109. Those levels are now close risk levels for buyers. Staying above give the buyers the control. It would take a move below each of those levels to tilt the bias back to the downside (and disappoint the buyers on the breaks higher).
Buyers making a play. How much can they now take the pair to the upside?
This article was written by Greg Michalowski at www.forexlive.com. Source