Technical Analysis

NZDUSD rebounds into the upside targets after correction yesterday stalled

Above the 100 hour MA.

The NZDUSD fell yesterday and within the Asia-Pacific session, the worth fell additionally under its 200 hour transferring common (inexperienced line within the chart under). Nevertheless, when the worth momentum couldn’t be sustained under that transferring common, and the worth moved again above (it’s at the moment at zero.67945), the sellers turned to patrons, and the worth stepped greater.  

The NY session has seen that development proceed the transfer greater with a transfer above the 100 hour transferring averages zero.68319 (blue line within the chart above).  That’s extra bullish.  Nevertheless, the transfer is now approaching different targets together with:

A topside development line at zero.6857The underside of a damaged trendline and zero.6868, and finallyThe key 200 day transferring common at zero.6878 (see D1 MA inexperienced line within the chart above).

The value motion is extra bullish (patrons in management) above the 100 hour MA, however there may be some key ranges to get by.  

Taking a broader take a look at the day by day chart under, the significance of the 200 day transferring common is extra evident.  The value of the NZDUSD just isn’t traded above that transferring common since April 23. The excessive from final week was a transparent rejection (nicely vendor leaned towards the extent which is predicted on the primary take a look at). 

Serving to the bulls case is that the correction additionally the 200 day transferring common fell under the 38.2% at zero.68106 (and the sooner November swing excessive). That ought to have been extra bearish, however the worth has rebounded. The sellers failed on their run decrease (patrons in management).

So the patrons are preserving the management, however the 200 day MA is a key, key goal to get to and thru (ought to open the door for extra upside momentum).   A transfer above would look towards the 50% at zero.69302 as the subsequent key goal on a extra bullish run. 

ForexLive


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