Trades at the highest level since March 17
The NZDUSD has extended above the 50% midpoint of the March trading range . The high and marched reached 0.6447 back on March 10 . The low was last week at 0.5468 . The midpoint comes in at 0.5957 and the pair currently trades at 0.5982. Stay above that 50% level and the buyers remain in control. On the topside, the swing low from March 9 spike lower comes in at 0.6012. Above that and traders will behind the 61.8% retracement of the months move at 0.60726.
The catalyst for the move higher today was the holding of a lower trendline and staying above the 100 hour moving average (blue line). The price has trend to the upside since that bounce.
Drilling to the 5 minutes chart below, the price of the NZDUSD has been trending and accelerating that trend in the NY session. The higher trend line currently comes in at 0.5959 (and rising). Stay above keeps the buyers and the trend firmly in track. A move below, and it may be time for some consolidation/corrective activity in the pair.
