The NZDUSD trades to new session highs. Bulls in control.
Looks toward the 38.2% at 0.68106 now.
The NZDUSD has just traded to new session highs. As Adam pointed out earlier, the NZ employment data hit it outta the park just before the close yesterday. That sent the NZDUSD above the September high at 0.6700. The low in trading today, stalled ahead of that high (low today reached 0.67109), and continued to run higher. Bulls running.
The next target is the 38.2% at the 0.68106 (of the 2018 range). That is the minimum target if the bulls are to continue to take control. Above that and the 0.68501 and 200 day MA at 0.69029 will be eyed on the daily chart.
Drilling to the 5-minute chart below, traders have done a good job using the 100 bar MA (blue line) as a buy area. That MA comes in at 0.6779 currently. It is only 8-10 pips away, but a move below could solicit more selling. At least it puts a little tarnish on the bull run (as long as it stays below).
Having said that the 200 bar MA at 0.6765 will be another level (green line in chart below). I would also expect interest to be more on the buy side on dips. The breaking away from the 100 day MA is real and the catalyst was a great number (PS and if stocks recover that will help too).