The price has pushed above the 200 hour moving average. Can the buyers keep the momentum going?
The NZDUSD has moved above its 200 hour MA with traders pushing for a close on the hourly bar above that level. The last hourly bar did extend above but could not close above the MA line. The price has re-broken the MA level at 0.70054 level. The time is now if the buyers want to take more control.
Getting above the 200 hour MA would be step one in a bullish move. The next steps would be to extend above the highs for the week at 0.70249 (Wednesday high), and 0.70328 (Tuesday’s high).
Overall, the pair has remained in a 92 or so pick range between the low on March 25 at 0.6940 and high from Tuesday at 0.70328 (over the last 7 trading days). That is not a lot of movement. The price action is non-trending. Eventually, the pair will likely break and trend as traders decide on the next move.
The price action has been to the downside since peaking at 0.74642 at the end of February, but still trades near the middle of the range since August 2020 (see daily chart below) . The price is also near the midpoint between its 100 day moving average above at 0.71254 and it’s 200 hour moving average below at 0.6872.
Traders are battling but if the buyers are to push the bias more in their favor moving above and staying above the 200 hour MA is needed.