Topside trend line also keeps a lid on the pair
The NZDUSD has moved up and down today. Overall it is up marginally on the day.
The rise today took the pair to a high of 0.57367. The current price is trading at 0.5700. The consolidation today has allowed the 100 hour MA to start to catch up to the price. That MA currently comes in at 0.57487. Getting above that MA is the minimum if the buyers are to take SOME control from the sellers.
On a move above the 100 hour MA, traders will then target the a topside trend line at 0.5788 (see red numbered circles). It too will need to be broken if the buyers are to start to build the case that the low may be in place.
Until those levels can be broken, the sellers are still firmly in control. The price has not closed above the 100 hour MA since March 11.
Last week the RBNZ cut rates from 1% to 0.25%. Last night they announced they would be buying 30B of government bonds over the next year.
