200 hour MA at 0.72465
The NZDUSD has rebounded in early NY trading and in the process is back up retesting the 200 hour MA at 0.72465. The high has reached 0.72461. The pair moved below that MA earlier in the day and the break increased the selling momentum toward the swing lows from May 25 and May 28 at 0.72095 and 0.72118. The low price reached 0.72081 just below that support before rebounding back to the upside.
The NY session has seen a steady run back to the upside culminating – so far at least – with the retest of the 200 hour MA level. On the way higher, the pair has moved back above the 50% midpoint of the trading range since the May 19 low. That comes in at 0.72317 and will now be a bullish/bearish barometer intraday. Move below should give sellers against the 200 hour MA more comfort. Stay above and the buyers should be encouraged to keep pushing the 200 hour MA.
On the topside, a move above the 200 hour MA will have traders eying the falling 100 hour MA (blue line) at 0.7261. The high for the day did extend briefly above that MA level, but quickly reversed back to the downside. Getting back above -and staying above – increases the bullish bias.