Trades within range nearer the 2017 lows
The NZDUSD moved higher in the Asian Pacific session after the RBNZ announced Adrian Orr would become the new RBNZ governor.
Technicals also played a role in the run up. Looking at the hourly chart above, the price moved above the 100 and 200 hour MAs (blue and green lines in the chart above). They were converged at the 0.6864 level when broken.
The price rally - on the break - stalled ahead at the 0.6921 area. The high was close to the swing high from November 29th. The November 28th high at 0.6945 was the next high target on the upside run from the hourly chart.
Taking a broader look from the daily chart, the November trading range saw a high of 0.69788 and a low of 0.6779.
The high today at 0.69299 is the high for December. That is lower than the high from November.
The low was from December 1 at 0.68159. That is higher than the low from November.
So the range this month, is more contained, despite the big move higher today. There is work to do for the buyers to get more buyers involved.
Looking at the daily chart below, the pair has a topside trend line that cuts across at 0.6939. Move above that and then the end of November high at 0.69456 and technically, things are looking more bullish.
If that does not pan out on this run higher (may not be today but going forward), a rotation back below the 0.6900 level, with 0.6880 and the 100 and 200 hour MAs as downside targets Those MAs (from the hourly chart - and moving higher), currently come in at 0.6865-67.
Who wins?
Well the last month and 1/2 have not found a winner. So the "market" is not sure.
The buyers today, could go back to sellers again tomorrow. However, the story will be told by the price action and the technical levels. Right now buyers are trying to hold the 0.6900-06 area. Stay above and that topside trend line will be eyed. Get above that and it opens more doors.
Stay below and the ups and downs continue and the "market" still struggles with direction at the "high-low area".
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