NZDUSD moves above the 200 hour MA in over a month. Can it stay above?

Technical Analysis

Author: Greg Michalowski | nzdusd

200 hour MA at 0.6920

The NZDUSD has a first technically in over a month. That first is moved above the 200 hour MA for the first time since April 18th.  

Today, at the day's 5 PM ET opening, the price moved above the 200 hour MA and stalled. The sellers came in and pushed the price back toward the 100 hour MA and a lower trend line.

Buyers came in near that area and the price has moved back higher.   The last 3 hourly bars have been able to stay and close above that MA line at 0.6920. 

The risk now (and question) is "Can the price stay above this milestone level?"  

If so, there room to correct more. The 50% of the May trading range comes in at 0.69514. That would be a target (see hourly chart above). 

Looking at the daily chart below, the 50% of the May move is but a small portion of the move down since the peaks in January and February.  A move above the 200 hour MA is a small step in a corrective move. A move above 50% would be another small step. 

So if the buying can continue, and the price stay above the 200 hour, there is room for more corrective price action. 

Nevertheless, those steps need to be taken. Be aware. The buyers have a chance but they need to keep control (in this move).


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