100 day MA is support
The NZDUSD corrected higher today after 2-days of declines saw the price move from a high of 0.7270 on Tuesday to a low of 0.7146 yesterday.
The low yesterday stalled at a swing level above the recent extremes (between 0.71486 and 0.71549). The subsequent move up today traded above and below the 100 day MA at 0.7175, before heading to test the 100 hour MA at 0.7215 (the high at the time reached 0.7216).
The sellers leaned against the 100 hour (and the slightly higher 200 hour MA at 0.72163).
The corrective move off the high has been able to stall-the-fall ahead of the 100 day moving average at 0.71751. The current price trades at 0.7203.
Going forward, if the buyers are to take more control, they need to get back above the 100 and 200 hour moving averages at 0.7213 and 0.72163. Do that, and it opens the door for further upside momentum.
If that can’t happen, sellers would look to take the price back below the 100 day moving average at 0.7175 and stay below. If that moving average can be broken, traders would next target the low for the week, and lower swing area swing area near the lows for this week between 0.71486 and 0.71549.
For now however, the pair remains between the moving average support and resistance levels, and waits for the next shove.