Above trend line
The NZDUSD traders have taken the pair above a pretty important trend line on the daily chart at 0.61168, along with the 50% of the move down from the end of December high (at 0.61109). That's good/great news for the buyers/bulls.
The apprehension is that the pair has stalled today near the swing high from May at 0.6155. The high today reached 0.6157. In addition the end of April high at 0.61748 is another target on the upside that would need to be broken to open further upside potential.
If done in the new trading day, a test of the 100 day moving average at 0.62265 would be eyed by traders. The last time the price close above its 100 day moving average was back on February 5.
Risk off the daily chart is a move back below the broken trend line and the 50% retracement at 0.61109 area. As always, however, if the price can remain above each, the bulls/buyers remain in control. It was a key break.
