Moves away from its 100 day MA
The NZDUSD has been toying with breaking below its 100 day moving average at 0.64582 over the last 3 trading days. Each day stalled the price moved below the moving average level, only to recover without much downside momentum. The low came today at 0.64490. The sellers had the opportunity to push the price lower on each day. They could not do it.
Today we are seeing a rebound. The last 4 hours has seen the price move higher on each hourly bar with the move starting near the 100 day moving average. The prices just moved to a new session high at 0.64875. That has also taken the price above its 100 hour moving average at 0.64797. The last time the price was above that moving average was back on January 24. Getting back above tilt the intraday bias a little more to the upside.
What next?
Stay above that moving average and traders will start moving toward the 200 day moving average at 0.65027. Above that comes the declining 200 hour moving average at 0.65236.
I would expect that traders would want to see the price stay above the 100 hour moving average and above the high prices seen over the last 3 days at 0.64763 (see red numbered circles). Longs now would not want to see momentum selling below the 0.64763 level
The sellers had their shot below the 100 day MA. They could not do much on the moves below. Now it is the longs chance to take more control and push higher. Can they do it? Stay above the 0.6476 level would keep the buyers in control intraday.
