NZDUSD trades above its 100 day moving average for the 1st time since February 12

Technical Analysis

Author: Greg Michalowski | nzdusd

Runs away from swing highs since March 12

The NZDUSD is trading above its 100 day moving average for the 1st time since February 12. It is also running away from a swing high area at the 0.6155 to 0.61748. Those highs extended back back to February 12. 

Buyers are taking more control. Can they keep the control above those levels (risk levels for longs now).

Runs away from swing highs since March 12_
Drilling to the hourly chart below, the price on Friday dipped below its 100 hour moving average for the 1st time since May 18. During yesterday's holiday trading the pair stay below that moving average level for most the day as well.

You is early in the Asian session today that buyers took the price above that moving average and raced the pair higher. The break of the 0.6157 high price from last week and going back to May 11 (see red numbered circles), accelerated the move to the upside. The price is now trying to stay above its 100 day moving average at 0.6205. Stay above keeps the buyers firmly in control.

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