NZDUSD tests its 200 day moving average | Forexlive
The NZDUSD is traded to a new loan in the process is testing its 200 day moving average of 0.6160 area. The low price just reached 0.61606 (currently trades at 0.6163).
Recall from last week, the price moved up and tested/moved above the 100 day moving average at 0.63014. The high price reached 0.63139 on both Thursday and Friday before rotating back lower and gaining momentum.
The buyers had their shot. They missed.
Looking at the hourly chart below, the price on Friday fell below both the 200 hour moving average and 100 hour moving average (green and blue lines at 0.62419 and 0.62274 currently), gaining momentum on each break. In trading today, the high price stalled within a swing area between 0.62019 and 0.62108 (see the number of red numbered circles) before rotating back to the downside in the early New York session. Th gave sellers the go-ahead to push more to the downside. The USD buying after the stronger than expected Empire manufacturing data tilted the dollar bias higher.
Two yields are now up 8.1 basis points at 4.183%. The 10 year yield is up 6.1 basis points at 3.583%. Both are near session highs for the day and contributing to the dollars move to the upside.
Meanwhile stocks remain mixed:
- Dow up 30 points or 0.10%
- S&P down 1 point or -0.03%
- Nasdaq -22 points or -0.19%