February 1, 2023

Forex Solution

Learn To Trade Forex

NZDUSD retraces recent declines, but can it keep the momentum going

1 min read


The price could not fall and stay below the 100 hour MA

The NZDUSD fell yesterday but found support buyers near the 100 hour MA. IN the Asian session and into the London morning session, the price traded above and below that MA, and although the price tried to move lower, the price rebounded higher, corrected to the 100 hour MA and held before moving higher on the “risk on” run in the North American session.   

The price could not fall and stay below the 100 hour MA

Overall, that is good news for the buyers. However, the price is still short of the high from yesterday at 0.72293. Off the hourly, close support is at the high from Monday at 0.71977 (close to the 0.7200) level.  Intraday buyers, might look toward support near that level now if the buying seen over the last few hours is for real.  A more conservative stop comes in at the 0.71849 to 0.71887.  

Invest in yourself. See our forex education hub.


Source link

Copyright © All rights reserved. | Newsphere by AF themes.