Bulls are trying to take more control

The NZDUSD has moved higher in the North American session after finding support against a trend line on the hourly chart on two separate tests today.   

The last hold again support, was enough to spring board the price back above the 100 hour MA and 38.2% retracement (at 0.7195 area).  The momentum higher took also took the price above a downward sloping trendline and the 200 hour moving average (green line in the chart above).

The next target was a swing area between 0.72348 and 0.7240 (see red numbered circles and yellow area).  So far the price has held in that swing area, but buyers are also leaning against the 200 hour moving average at 0.72199.  

The battle is going on between the buyers and sellers, but with the price higher, the buyers have a little more control.  Getting above the swing area in the new trading day would be more bullish.  

For bank trade ideas, check out eFX Plus

Source link