Trade near June highs and approaches 38.2% at 0.7058
The NZDUSD trades to a new session high as "risk on" supports the pairs price. The fears of fallout from the G7 meeting has not materialized in the stocks markets. The price action has been up and down, but in the NY session, the 100 hour MA was broken and that seems to have given buyers the green light to buy (and perhaps discouraged the sellers).
The pair is approaching some key resistance against the highs from last week and the 38.2.% retracement of the move down from the April high on the daily chart below. That level comes in at 0.70584.
In addition, there are some swing levels from end of April/early May (see chart below) that make the 0.70516-584 a resistance area.
Last week's high stalled at 0.70591. The high just reached 0.7053 and backed off. There should be sellers who will lean against the area, with stops if there is momentum on a move above.
So the price is up on "risk on" but there is still some technical resistance that may stall that sentiment. Be aware.
