Momentum keeps fading around the 100 hour MA
The NZDUSD has had another up and down day today. The last 6-7 days has seen the same pattern.
Nevertheless, the pair has been keeping more of a bearish bias.
Technically, today the price was able to get above a topside trend line, not once but twice. However, it was not able to get and stay above the 100 hour MA (blue line). The last few weeks of trading have seen the price on the hourly chart peek above the MA line, but each time, the price has turned back down. Today was another one of those days...
So sellers remain in control. It will take a move above the trend line and the 100 hour MA to give buyers a little more control (with the 200 hour MA at 0.64436 another hurdle). Until, then although the downside has also been limited (get below the 0.6400 level is the next downside hurdle), the sellers still remain more in control.
