February 8, 2023

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The NZDUSD hangs above 100 /200 hour MA in up and down session

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The price has not traded below the 200 hour MA since April 13

The NZDUSD is hanging just above its 100 hour moving average of 0.71991 (blue line in the chart below). The low earlier in the day 0.72006 (when the MA was a bit lower).  

The price has not traded below the 200 hour MA since April 13

The 200 hour moving average is at 0.71858. The price of the NZDUSD that is not traded below its 200 hour moving average since April 13 when the price moved away from the converged 100 and 200 hour moving averages and trended higher…. A move below each in the new trading day would tilt the buyers more to the downside.

On the top side, the pair extended above the recent cycle high yesterday above 0.72293. The price peaked at 0.72427, and wandered lower in the Asian session today. The last two corrective highs today found sellers at 0.72293 area that corresponded with the high from April 20. The lower extreme gave sellers the go-ahead to push lower today, and creates a lower ceiling ahead of the high from yesterday.

In the new trading day, getting above the 0.72293 level should lead to a retest of the highs and 0.72427. Needless to say a break to new highs should solicit more upside momentum.

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