As the trading week comes to a close, the NZDUSD pair is trading near its highest levels of the week.
Technically, the move to the upside also broke the 100-bar moving average on the 4-hour chart at 0.61116 and the 200-bar moving average on the same chart at 0.61267. Today’s high was 0.6139.
As we approach the close – and enter the new trading week – staying above the 200-bar moving average and the 100-bar moving average would be more positive. Conversely, a return below these levels would likely disappoint bulls on the upside.
Earlier this week, sellers were able to take control when they pushed the price below the 100- and 200-day moving averages near 0.60670. The inability to hold below these moving averages gave the buyers the green light to pull back, which they did.
Now it is the buyers’ turn not to be disappointed. Stay above the 100/200 moving average on the 4-hour chart and you will find the bullish door wide open.
