The NZDUSD moved lower in the early Asian session and in the process found support buyers against its 100 hour moving average. The price bounced and moved toward the high from last Friday’s trade. That high stalled just ahead of its 100 day moving average and 61.8% retracement of the move down from the July high to the August low. Both those levels come in near 0.60365. In trading today, that moving average and 61.8% retracement work re-approached with the high reaching 0.60315.Seller leaned again.
So with the 100 hour MA holding support and the 100 day MA stalling the rally(resistance), the battle lines are set.
- Get above 0.6037 would be more bullish.
- Move below the rising 100 hour moving average currently at 0.6001 would increase the bearish bias.
At some point there will be a break of the support or resistance targets. Look for momentum in the direction of the break.
This article was written by Greg Michalowski at www.forexlive.com.
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