Three hourly bars closing above 200 hour MA
The NZDUSD is the strongest of the major currencies today after falling sharply yesterday. The move back to the upside was helped by a better jobs report that saw the unemployment rate fall to 4.7% from 4.9%. The employment change increased by 0.6% versus 0.3% estimate.
The move to the upside today saw the price eventually break back above its 100 day moving average at 0.71631 and 100 hour moving average currently at 0.71874. The move back below the 100 hour moving average would tilt the short term bias back to the downside.
The last technical break has seen the price move back above its 200 hour moving average at 0.72037 (green line in the chart above). The last three hourly bars have closed above that 200 hour moving average level. Stay above is more bullish. Move below and the pair is back between its 200 hour moving average and 100 hour moving average at 0.71874 (green and blue lines). Buyers and sellers would be back to battling it out for control.
On more upside momentum, the next upside target comes in at 0.72209 (swing low from April 29), and then 0.72293 (swing highs from April 20 and again on April 27). Above those levels, and traders will be targeting 0.72424 which was the swing high from April 26.
For now, buyers are more in control above the 100 and 200 hour moving averages. Move below be more bearish. Stay above and traders would look toward the recent swing high levels as the next topside targets.