NZDUSD moves toward cluster of MAs and sees some stall | Forexlive

The NZDUSD reached a low of 0.61753 today, briefly dipping below the 100-hour moving average at 0.61798 (blue line in the chart above). However, the price managed to stay above the 200-hour moving average (green line in the chart above) at 0.61707. The current price is trading at 0.6190. It is safe to say that the two hourly moving averages helped halt the decline.

A fall below the 200-hour moving average and the 200-day moving average at 0.61622 would intensify the bearish bias. Remaining above these levels keeps buyers in the game.

On the upside, traders will be watching a resistance zone between 0.61915 and 0.62023. If buyers can push the price above this area, further upside momentum is likely as some sellers looking for lower levels, cover their positions.

During today’s Asian session, the price reached an intraday high near 0.62635. This surge pushed the price above its 100-day moving average at 0.62523 and slightly above Monday’s high of 0.62633. The increase also took the price to the upper end of a swing area between 0.6250 and 0.62639 (see red numbered circles). However, the break above the 100-day moving average failed for the second time in three days, prompting buyers to turn into sellers. The downward momentum intensified as concerns about the banking and financial sectors in Europe emerged, driving the price towards the 100 and 200-hour moving averages.