The NZDUSD consolidates gains near session highs

Technical Analysis

Author: Greg Michalowski | nzdusd

100 day MA looms above at 0.64318

The NZDUSD has seen a move higher in trading today.  The move higher has taken the price above the swing highs from last week at the 0.64153 to 0.64176 area.  The NY session has seen most of the trade activity above that area (the low reached 0.6414).  

100 day MA looms above at 0.64318
That is the bullish news and the close risk for the pair now.

On the topside, however, there is upside resistance looming at the 100 day MA at 0.64318. The last test of that MA back on November 4, saw the price move above that line but momentum could not be sustained and the price tumbled lower.   Traders should lean against the level with stops on a break above. However, there will be a careful eye for a failure too.  

On a break below the 0.64153 and then the 61.8% at 0.64096 would weaken the technical picture with the 100 hour MA targeted at 0.6396..  



ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose