Keep an eye on the NZDUSD .
Not only is it trading at new session highs, but is also toying with moving above it’s 200 day MA at 0.69089 (again). The high price just reached 0.6911.
Recall on Friday, traders took the price up to the MA level on a number of different occasions during the day, and also traded briefly above the MA level during 2 hourly bars (see hourly chart with the overlay of the MA – green line). However, the price momentum stalled and the price settled lower (PS the high price going back to March 7 also tested the MA line but stalled)
The pair’s move today is also finding willing sellers so far. There is a battle between the buyers and sellers.
A move above would have traders looking toward the high from March 7 at 0.6925. That level was the highest going back to November 24, 2021. A break of that level would open the door with the 50% midpoint of the move down from February 2021 high at 0.6996 the next key target.
If the break fails again, a move back below 0.6899 could see buyers turn to sellers as the break of the KEY 200 day MA is a disappointment. The 0.6870 to 0.68745 (see hourly chart) would be another downside target that if broken would give sellers more confidence that a top is in place.
