NZDUSD is above the 100 hourly moving average and is testing the 200 hourly moving average
NZDUSD did not escape shorting the US dollar today. The pair is up 1.15% on the day (NZD high/US dollar low). At current levels, it is the largest increase since April 13 when the pair gained 1.386%.
Looking at the hourly chart, the move to the upside took the price above the swing zone between 0.6104 and 0.6114. The rally also extended above the upper bound above the bearish 100 hourly moving average. This moving average is currently coming in at 0.6115 (the blue line in the chart above).
The continued momentum has now taken the price towards the 200-hour moving average at 0.61423. The price high reached 0.61408 just below this level. The current price is trading at 0.6136. Sellers may look to rely on the moving average given the big move today. The low to high trading range is 83 pips. The average for the last 22 trading days (about a trading month) is 64 pips.
Sellers who are based on the 200 hourly moving average can get stopped out on the breakout to the upside. 50% at 0.61477 and the 200 day moving average at 0.6161 are the next two bullish targets on more bullish momentum. .
On the downside, a return below 0.61327 would have traders looking towards 38.2% retracement of 0.61243 and then the 100 hourly moving average at 0.6115.
