The last 6 hours has seen the price stay above the 200 day MA and 100 hour MA
The NZDUSD traded yesterday between its 200 day moving average above and 100 day moving average below (at 0.71138 and 0.70778 respectively). Traders were waiting for the break and run. At least that is the hope.
Today, the break came after the price moved above its 200 day moving average and also the 100 hour moving average between 0.7114 and 0.71187.
The last six hours has seen the price move above those levels. As such, buyers have taken more control on the break. However, the market is exactly running to the upside. The high price is reached 0.7133. The price is back down trading near the moving averages.
Can the buyers keep control? Can the price remain above the moving averages? That is what the market traders will be watching in the short term as we head into the US afternoon session. Stay above is more bullish. Move below and a rotation back toward the rising 200 hour moving average at 0.70906 would be eyed.
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