100/200 hour MAs stalls the fall.
The NZDUSD fell on the back of the stocks giving up gains with the pair moving down to test the 100/200 hour MAs at 0.71754 and 0.71682 respectively. The low price reached 0.71702 between the two MA levels and found dip (low risk) buyers. The price is currrently trading at 0.7183.
The move to the downside retraced the gains from Friday's close. The closing level on Friday was at 0.7177. The pair based in the 1st hour of trading against its 200 hour moving average (green line), and moved higher into the late Asian session. The London morning session saw the price consolidate the gains just under the Asian high (at 0.72143). The price also stalled ahead of a topside trend line connecting recent highs.
It will take a move back below the moving averages to increase the bearish bias. The 100 hour moving average at 0.71754 is close to the closing level on Friday at 0.7177. Fall below those levels should see another run toward the 200 hour moving average. Break and the next targets come in at the 50% retracement at 0.71601 and the underside of the broken trend line at 0.7155 currently.
