The NZDUSD saw a dip as the US data was released today. The price moved below the 100 hour MA at 0.6143 (blue line) to a low of 0.6129 before snapping back higher.
That move to the upside saw the price move back above the 100 hour MA, and also above both the 200 hour and 200 day moving average 30 minutes later at 0.6159 (green lines on the chart above). The high price extended to 0.6163. That was a key target to get to and through. Unfortunately, the price didn't stay above those MAs for long. The price rotated back to the downside reaching 0.6151.
Going forward, if the price can't get above the 200 hour moving average , 200 day moving average the buyers are not winning. Having said that, the price remains above the 100 hour moving average of 0.6143.
Admittedly the price has traded above and below that 100 hour MA level over the last 2 trading days and really going back to Tuesday as well (see blue line in the chart above). However, with traders pushing above the 200 hour/200 day moving average, the buyers are there at least in the short term. They still need to prove they mean it with another run above.
My guess is a move back below the 0.6143 level, would dim buyers short-term view and disappoint those dip buyers. Look for stops below for the short term traders.
