Moves above 200 hour moving average
The NZDUSD is trading at new session highs after breaking above the 200 hour MA at 0.67856. The last three trading days has seen the pair trade mainly below those moving averages as the price moved lower, on its way to support against the 100 day MA (lower blue line in the hourly chart below), before bouncing.
The move back above the 100 and 200 hour MAs (blue and green smooth lines in the chart below) are good for the longs (getting above the overhead resistance) and should give the pair a more bullish bias.
As mentioned above, on Thursday, the pair found support buyers against the 100 day MA (blue line in the chart below). It was the second test of the MA line this month. Each test saw the price dip below the level briefly, but rebound fairly quickly. Traders were using the level as a low risk buying opportunity.
On the topside, there has been a pretty big wall between 0.6841- and 0.6847 (5 separate tests). Needless to say , that extreme is as strong as the 100 day MA. Next target 0.6806 where the swing low from April 27th and the swing low from May 6th held support.
