Price moves closer to resistance near 0.7000 level
The NZDUSD is trading above the Asian session high after dipping modestly lower into the European morning hours.
The price move back higher has pushed the price back into a swing area between 0.6991 to 0.70014. Just above that swing area is the falling 100 hour MA at 0.70041.
The pair tested its 100 hour moving average on Wednesday, only to have sellers enter and push the pair lower. The last close above the moving average was back on June 11 (for one hourly bar).
If the buyers are to take more control from the sellers after the run lower last week, getting and staying above the 100 hour moving averages is the first step. The second step would be to get back above its 200 day moving average at 0.70362. The price fell below that 200 day moving average on Thursday, and retested it, before rolling over and heading to the low seen yesterday.
Taking a broader look at the daily chart below, the low price from Friday and yesterday moved below a swing low from March at 0.69405. That break failed and helped to give the buyers some hope for further upside momentum.
Nevertheless getting back above the 0.7000 level and then the 200 day moving average at 0.70363 will give the bias changed needed to give the buyers more confidence that a low is in place.
