The NZDUSD is continuing its move to the upside seen today after the pair based against its 200 day moving average in the early Asian session and pushed higher. The pair moved above a swing area between 0.69221 and 0.6929 and moved above the 100 hour moving average (blue line). However, the pair ran into resistance against its 200 hour moving average in the London morning session (green line).
After a dip back lower that successfully retested the aforementioned swing area (down to 0.6921), the price has been pushing higher over the last three or so hours. The price has now breached both the 100 and 200 hour moving averages at the 0.6940 area. Stay above now and the buyers can continue the upside probing.
On the topside, the swing high from Thursday comes in at 0.69565 and above that a swing area between 0.6974 and 0.6977 would be targeted ahead of the extremes for the month of March at 0.69877 or 0.69977.
A move back below the moving averages, and there is likely to be some disappointment on the failed break. A move back toward the 0.6922 to 0.6929 area would be expected.
For now, however, the buyers are making a play and taking back more control with the price action today.
