January 27, 2023

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NZDUSD trades to highest level since March 18

1 min read

Moves away from 100 day MA

Last week, the price of the NZDUSD traded mostly above its 100 day MA, but there was trading below the MA on Monday and again on Thursday and Friday. It wasn’t for long, but the price did trade near that MA at the daily session lows.  

Moves away from 100 day MA

Today, the pair opened lower, but from Friday’s close, but was still well away from the MA line at 0.71529. The low price today reached 0.71836.  Moreover, the price did extend above last week’s high at 0.72293 and trades at the highest level since March 18.  The move away from the 100 day MA  is a step in the bullish direction. 

The next targets on the topside include the 0.72689 up to 0.73102 which corresponds to swing highs going back to January.  

Drilling to the hourly chart below, the low at the open tested the 100 hour MA and bounced higher. The pair moved above a topside trend line soon thereafter and stepped higher.  A swing area between 0.72114 to 0.71184 will be eyed now as a risk level in the new day. If the price can stay above that area in the new day, that keeps the buyers in control.

NZDUSD on the hourly chart

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