NZDUSD moves above the 100 day MA | Forexlive

The NZDUSD has run sharply to the upside over the last few hours, and in the process as extended to and through the 100 day moving average at 0.6244. That is now a close risk level in the short term. Stay above is more bullish. A and there could be some further downside probing.

What might help a slowing, is on the top side, the high price reached 0.62633. That was just above the high of a swing area between 0.6250 and 0.6262 (see red numbered circles). Will sellers lean?

Earlier today, the price extended above the lower 200 day moving average . That moving average comes in at 0.6165. In the European session, the price corrected down to retest that moving average and found support buyers. Holding the level gave buyers the go-ahead to push to the upside. The subsequent move above the 61.8% retracement of the move down from the March high at 0.62016, helped to open the upside for further momentum.

Looking at the debt market, the two year yield is coming off its low levels. The low yield reach 3.999%. It is currently trading at 4.138%.

US stocks are trading higher now as well. The Dow Industrial Average is now up 180 points or 0.55% and the NASDAQ is up 1.2%. The Russell 2000 is now down only -0.45%. It was down over 2% earlier in the day.

That price action may limit the upside for the NZDUSD.