Tested yesterday and rebounded. After an up and down day, the pair is back down retesting the MA level
The NZDUSD is back down retesting the 100 day MA. Recall from yesterday, the pair moved down to that level and found support buyers.
Today after some ups and downs, the pair has returned to the key 100 day MA (at 0.65978) for the 2nd day in a row.
The buyers have leaned on the test. The price is trading at 0.6608 off that MA level at 0.65978. Risk can be defined and limited against the level. There are technical reasons to stick the toe in the water or to take profit if short.
If the price dies here before the weekend, or bounces, the 100 day MA will continue as a key level and barometer next week.
On the topside today, the price stalled near the 100/200 hour MAs (currently around 0.6657 area – blue and green lines). That will be a level on further upside next week.