The NZDUSD has seen a move to a new high on the day on the back of the weaker US data. That has now seen the price move back into positive territory on the day. The pair closed at 0.6165.
The price action today has been down and back up. The low today tested the low from yesterday but could not sustain downside momentum.
The rise higher has now seen the 200 day moving average at 0.61799 breached. The high price has reached 0.6186. The current price trades at 0.6180.
That 200 day moving average is the first of a series:
- 100 hour moving average is currently at 0.6192
- 100 day moving averages that 0.61974
- 200 hour moving averages at 0.62145
In addition looking at the daily chart below, a swing area between 0.6184 and 0.6212 (see green numbered circles on the chart below) is in play.
If the buyers are to take more control, getting above and staying above those moving averages - and that swing area - is needed to increase the bullish bias.
With all the layers of resistance, it will be a tough nut to crack. A move above, however, would tilt the bias back in favor of the buyers.
