NZDUSD tests 100 day MA. Stalls on first test.

Technical Analysis

Author: Greg Michalowski | nzdusd

100 day MA at 0.6575

The NZDUSD has moved down to test the 100 day MA for the 2nd time this month.  On October 8th the pair tested the MA and bounced.   Today the MA is high at 0.6575 but so far has once again found buyers against the level. 

100 day MA is tested on the NZDUSD

It will take a move below (and stay below) to tilt the bias more to the downside now.  The price has not closed below the 100 day MA since toward the end of May 2020. 

Drilling to the hourly chart below, along with the 100 day MA is the 61.8% of the move up from the September 24 low at the same level. A move below will look toward a lower trend line at 0.6566 and the swing lows on the chart from October 8th at 0.6564  and then 0.6546.  

What would ruin the bears run?

Moving back above the 50% at 0.65963 to 0.6600 would sour the bearish mode for the pair now.

NZDUSD on the hourly chart  
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