NZDUSD looks toward recent (and the day's) highs

Technical Analysis

Author: Greg Michalowski | nzdusd

Resistance on daily. 100 hour MA below

The NZDUSD moved up earlier in the day and in the process got with a few pips of the June high at 0.65837. The high price got up to 0.65796 and sellers entered.  

Resistance on daily. 100 hour MA below
Drilling down to the hourly chart, the price fell in the Asian and into the early European session until reaching its 100 hour moving average (blue line in the chart below).  Suddenly sellers turned buyers. The last 6 hourly bars have moved higher (in the 7th now).  In the process the price is moving back toward the high for the day and the high from June at 0.65796 and 0.65837 respectively.  The V recovery from the earlier declines is almost complete. 

NZDUSD on the hourly chart

Flows are being helped by a rebound in risk on. The S&P index has erased the declines and trades in the black. The NASDAQ index continues to March to new all time intraday high levels and is currently above the 10,500 level at 10,507.82.

Helping also was the global dairy trade figures today which showed a sharp increase of 8.3%.

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