The 200 hour MA was broken earlier in the NZDUSD but the break failed.
The NZDUSD – like some other pairs today – are experiencing up and down price action. The price did run higher early in the NY session to new session highs. However, the move above the 200 hour MA could not be sustained, and the price rotated back to the downside.
The most recent low moved down to test the 100 hour MA. Buyers leaned against the lower MA level (see blue line in the chart above), and traders started to bid the price back higher.
Now, the pair is cracking above the 200 hour MA at 0.69711. Can the price now stay above and push the pair higher?
If so, the 50% midpoint of the July trading range becomes the next hurdle at 0.69923. Move above that and traders will focus on the 61.8% retracement of the month’s trading range at 0.70188.
Buyers making the next play.