NZD is stronger today on "risk on" flows
I just posted on the USDCAD holding support at the 100 hour on the correction lower from the start of the day's fall. It held that level 5 separate times.
The NZDUSD moved higher and cracked above its 100 hour MA as the markets cheered a scheduled meeting with China and the US. That break stalled a bit, corrected to the 100 hour MA, and stalled against the MA line.
The last 4 or so hours has seen the price move higher - away from the MA level. So both the USDCAD and the NZDUSD used the 100 hour MA as a risk defining level for traders and both pushed higher off that MA line.
The rise for the NZDUSD has run into the high from Tuesday/the week at 0.6609. It also remains a distance away from the 200 hour MA (green line) at 0.66376 (and moving lower). We currently trade at 0.6599. And
So like the USDCAD, the buyers are making a play, but there is a battle going on....
Overall, as well although above the 100 hour MA, the pair also traded at the lowest level since January 2016 just yesterday. So buyers can make a play, but they need to show that they can stay above (risk level) and push above the next closest targets. That is the trade for the dip buyers looking for that bottom.
