Price extended above the 100 hour MA too
The NZD is one of the strongest currencies today on increased risk on sentiment. The move higher has moved the price back above the:
- 100 hour and trend line at 0.59121
- 200 hour MA at 0.59285
The 200 hour moving average has stalled the fall over the last few hours and is making a new base for traders to lean against. Move below and the trend line and 100 hour MA will be targeted. Stay above each, keeps the buyers more in control. Move below and I would expect more selling.
On further upside momentum, traders will be eying the 0.59747 area (see red numbered circles). That line is home to swing highs going back to March 31, April 1 and April 2. Above that ceiling and traders will eye the 0.6000, 0.6014, 0.6037 and the March 27 high at 0.60686.