Lower trend line stalls falls
The NZDUSD based off a trend line going back to June 18th yesterday and at the start of the Asian session today. That trend line is now well established. IT will now take a move below the that line to turn the bias more bearish for the pair.
The pair’s move higher has been able take the price back above the
- 100 hour MA at 0.66897
- 100 day MA at 0.6692 and most recently above the
- 200 day MA at 0.67066
The holding of the trend line and now breaking of key MAs keeps the bulls in control in this pair with the high from Monday’s trading at 0.67262 the next target.
Looking at the daily chart below, the pair is also moving above the 50% retracement at the 0.67085. The break above the midpoint is also bullish for the pair.