February 2, 2023

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NZDUSD moves back toward 100 hour MA. Key test/level for the short term bias

2 min read


The NZDUSD sellers today have moved the price back into the red.

The NZDUSD initially moved higher in the Asian session only to find sellers with overall dollar buying in the London and into the NY session.  

The NZDUSD sellers today have moved the price back into the red.

The move to the downside has now taken the price negative on the day. The pair is currently trading down around nine pips after being up around 45 pips at the high (high reached 0.72293).  The fall has also taken the price of the NZDUSD back toward its rising 100 hour moving average currently at 0.71664. The low for the day reached 0.7169.   

The there also fell below a swing area between 0.7178 and 0.71871.  Both buyers and sellers will be watching that area for intraday/short term clues.  Stay below gives the sellers more confidence of a break of the key 100 hour moving average (the price is not traded below the 100 hour moving average since April 13).  

On a break lower, the 100 day moving average is add 0.71468 and the 38.2% retracement of the move up from the April 13 low comes in at 0.71431. Both of those levels if broken would increase the bearish control even more. Yesterday the price it did move below both to start the trading week, but moved up early in the European session and ran higher. A second break below the 100 day moving average would probably give sellers/bears more confidence about lower levels.  

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