100 hour MA eyed
The NZDUSD is on the recovery track today after failing on a move lower - and move to new 2018 lows - both yesterday and today. The price bottomed and the break above a topside trend line was another invitation for more upside.
That move has taken the price close to the 100 hour MA at 0.66967. Last Thursday, the 100 hour MA was broken (after stalling at the MA line on Tuesday and Wednesday) and the price trended lower.
We should see sellers leaning against the MA on the first test, but a break should see more upside potential.
Looking at the weekly chart below, you can see the inactivity below the low area (yellow area). Not a lot of momentum.
