Uh oh...The dollar selling extends to the NZDUSD
The NZDUSD has had an up and down day. NY traders entered with the pair back down near the closing levels after London morning traders took the price to the downside (risk off perhaps).
The price has now shot up in the 35 minutes and in the process, has taken out the high for the day. The lap is complete.
Technically, the pair was hanging below the 100 bar MA on the 4-hour chart and 50% retracement at 0.6883. Then the pair moved above that level and the rocket ship took off. The next target comes in against the trend line connecting recent highs. That comes in at 0.6936. There is the 200 bar MA on the 4-hour chart at 0.69418. There may be some stall - at least out of respect - at that area.
Drilling to the daily chart, if the USD is toast the NZDUSD could see a move toward the 0.6951-70 swing area. A move above that opens the pair up for a move toward 0.7030 (38.2%) and the 100 day MA at 0.70506. The price has not been above the 100 day MA since the beginning of March (see chart below).
