NZDUSD reaches toward 200 hour MA and stalls | Forexlive

The NZDUSD is the best performer today vs the USD. It is currently up 0.92% on the day after a dip lower to start the trading day ran out of steam.

The subsequent move to the upside saw the price extend above its 100 hour moving average. After consolidating above that moving average level or the few hours in the early European session, the buying intensified in in the US morning, the momentum took the price up toward the falling 200 hour moving average. That moving average currently comes in at 0.63644. The high price reached 0.63635. There has been a stall so far against that level. The current prices just below at 0.6360.

They move above the 200 hour moving average would open the door for a test of the next target at the 38.2% retracement at 0.63715. The high price from last week reached 0.6388.

What would give the sellers against the 200 hour MA more comfort?

The 0.6345 – 0.63478 area was home to swing highs from both Friday and Wednesday’s trading day. Move back below those levels would give the sellers against the 200 hour moving average some comfort. Below that, and traders start to look back toward the 100 hour moving average of 0.63255.