The NZDUSD has been up for 6 consecutive days

The NZDUSD string of six consecutive days with higher closes is in in jeopardy of being snapped today. The price action is to the downside today as traders take some profit after an earlier session move higher above the 61.8% retracement of the years trading range failed. That retracement level came in at 0.7212. The high price today reached 0.72179 before rotating back to the downside.

The NZDUSD has been up for 6 consecutive days_

The 6 day move to the upside took the pair up 306 pips and in the process, the pair moved above its 100 day moving average (blue line in the chart above) at 0.70171 and the 200 day moving average at 0.70971. Those outbreaks increase the bullish bias.

The 50% midpoint of the year's trading range was also broken at 0.71342, and that will now be eyed as support on the daily chart going forward. The low price today reached 0.7152. The current price trades at 0.7161. Stay above the 50% is a bullish clue.

Drilling to the hourly chart below, the pair has entered into a swing area going back to September between 0.7156 and 0.7171. Just below the low of that area is the 38.2% retracement of the move up this week at 0.71528. A move below that level would open the door for a move down to the 100 hour moving average at 0.7135 (and moving higher). That moving average comes rate above the 50% midpoint on the daily chart at 0.71342 increasing that area is important on further corrective price action. Be aware.

NZDUSD on the hourly chart