The NZDUSD yesterday, based in the early hours of the day against its 100 day moving average and a few hours later was up testing its 200 day moving average up near 0.6924. Both the moving averages did the job. The 100 day moving average held support. The 200 day moving average above stalled the rally and held resistance.
The subsequent fall back to the downside yesterday saw the price move below the 100 day moving average but find support ahead of its 100 hour moving average (lower blue line currently at 0.68231).
Today after the sharp move higher and sharp move lower during yesterday’s trade, the price action was more confined but still up and down.
There were two separate moves to the upside that stalled near 0.6850, and two separate moves to the downside that stalled near 0.6799.
In the process, the price has moved above and below both the 100 hour moving average currently at 0.6823, and the 100 day moving average at 0.68309.
Currently the price is below both those moving averages, and trading back near the low for the day at 0.67988. The low price currently trades at 0.6806.
A move to a new low would have traders targeting the rising 200 hour moving average 0.6779 (the 50% midpoint of the move up from the February 24 low comes in at 0.67764 and that is also a target).
Conversely a move higher and above 0.6850 would open the door for further upside momentum once again. The 200 day moving average at 0.6923 would be the ultimate target on further upside momentum.
