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Home ANALYSIS

NZDUSD moves back above 100/200 hour MA as move higher continues for pair today

A.R Chowdhury by A.R Chowdhury
April 4, 2022
Reading Time: 4 mins read
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NZDUSD

NZDUSD cracks above 100/200 hour MAs

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The  NZDUSD 
NZD/USD

The NZD/USD is a commonly offered currency pair representing the New Zealand dollar or Kiwi and US dollar.  The pair is popular for exposure into a commodity currency, i.e. the NZD, which helps capture risk appetite for forex traders. Like its Antipodean counterpart, the Australian Dollar, the NZD/USD is seen as a carry trade, due in part to interest rate differentials which favor the NZD. The NZD is the world’s seventh most liquid pair at the time of writing with the USD being the world’s most traded currency and the NZD being the tenth. What Affects the NZD/USD? The NZD/USD is offered at virtually every retail forex brokerage and is a common pair for traders to have experience with.  The pair moves on investor sentiment and can be much more volatile than other pairs such as the EUR/USD, GBP/USD and others. Given New Zealand is the world’s largest exporter of milk powder, this metric is a key factor when driving the pair. Any sensitivity to milk powder exports is captured via the NZD/USD. Additionally, tourism is a key contributor to the New Zealand economy and as such help move the currency pair.  Other factors of note for the NZD/USD include export volumes to China as well as other important economic data releases from China.  Central banks also play a primary role in the direction of the currency pair with both the US Federal Reserve and the Reserve Bank of New Zealand being closely monitored by investors.  Monetary policy is more than capable of abruptly moving the NZD/USD, which can oscillate much more than other normal pairs.

The NZD/USD is a commonly offered currency pair representing the New Zealand dollar or Kiwi and US dollar.  The pair is popular for exposure into a commodity currency, i.e. the NZD, which helps capture risk appetite for forex traders. Like its Antipodean counterpart, the Australian Dollar, the NZD/USD is seen as a carry trade, due in part to interest rate differentials which favor the NZD. The NZD is the world’s seventh most liquid pair at the time of writing with the USD being the world’s most traded currency and the NZD being the tenth. What Affects the NZD/USD? The NZD/USD is offered at virtually every retail forex brokerage and is a common pair for traders to have experience with.  The pair moves on investor sentiment and can be much more volatile than other pairs such as the EUR/USD, GBP/USD and others. Given New Zealand is the world’s largest exporter of milk powder, this metric is a key factor when driving the pair. Any sensitivity to milk powder exports is captured via the NZD/USD. Additionally, tourism is a key contributor to the New Zealand economy and as such help move the currency pair.  Other factors of note for the NZD/USD include export volumes to China as well as other important economic data releases from China.  Central banks also play a primary role in the direction of the currency pair with both the US Federal Reserve and the Reserve Bank of New Zealand being closely monitored by investors.  Monetary policy is more than capable of abruptly moving the NZD/USD, which can oscillate much more than other normal pairs.
Read this Term
is continuing its move to the upside seen today after the pair based against its 200 day moving average in the early Asian session and pushed higher. The pair moved above a swing area between 0.69221 and 0.6929 and moved above the 100 hour moving average (blue line). However, the pair ran into resistance against its 200 hour moving average in the London morning session (green line).

After a dip back lower that successfully retested the aforementioned swing area (down to 0.6921), the price has been pushing higher over the last three or so hours. The price has now breached both the 100 and 200 hour moving averages at the 0.6940 area. Stay above now and the buyers can continue the upside probing.

On the topside, the swing high from Thursday comes in at 0.69565 and above that a swing area between 0.6974 and 0.6977 would be targeted ahead of the extremes for the month of March at 0.69877 or 0.69977.

A move back below the moving averages, and there is likely to be some disappointment on the failed break. A move back toward the 0.6922 to 0.6929 area would be expected.

For now, however, the buyers are making a play and taking back more control with the price action today.

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A.R Chowdhury

A.R Chowdhury

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