NZDUSD back above the end of February lows | Forexlive

The NZDUSD bottomed yesterday at 0.60832. That was near the high of the swing area target on the daily chart (see post yesterday).

Today, the pair moved higher in the Asian session, first moving up to test the swing lows from late February near 0.61299.

After holding that level and the rotating modestly lower, buyers reentered and have been able to extend to the upside. The move to the upside has been helped by the weaker than expected initial jobless claims data today.

The high price reached 0.6150 so far. That is still short of the targets above defined by the 38.2% retracement of the move down from the March 1 high and 0.6156, and the falling 100 hour moving average at 0.6158.

The 200 day moving average is also in play at 0.6168. The price fell below the 200 day moving average on Tuesday helped by the comments from Fed’s Powell.

Going forward, traders will behind the 0.61299 level as close intraday support. Moving back below that level – and staying below – would not be a positive from a short term technical perspective.

On the top side getting above the aforementioned moving averages are the obvious targets if the dollar sellers are to assume more control in the NZDUSD pair.