NZDUSD trades between 100/200 hour MAs
The NZDUSD squeezed higher with the lower USD, and in the process moved above the 100 hour MA, and the 200 day MA at 0.6166. However, the run higher stalled near the 200 hour MA at 0.61737, a downward sloping trend line (near the same 0.61737), and just ahead of the 50% midpoint of the move down from March high (at 0.6179).
The price has rotated back down toward the 100 hour MA at 0.61349. The low reached 0.61419. A move below the 100 hour MA would next target the lows from February at 0.61299.
There should be support near that 100 hour MA. If it can’t hold, the sellers would be more in control.
This article was originally published by Forexlive.com. Read the original article here.