Technical Analysis

NZDUSD breaks below the 100 day MA

Can the price remain below the MA line now?

The price of the NZDUSD has been on a volatile ride today. In the Asian session, the price wanted to the downside but found support buying near the 100 day MA.   The moved to the upside in the European session took the price above its 100 and 200 hour moving averages (blue and green lines near 0.7708) but that break failed in the early the North American session on the back of a rising dollar. 

The price has now broken to new session lows and in the process is also falling below its 100 day moving average at 0.71753.  The question now is can the momentum continuing the price stay below that moving average level?

The next key target every comes between 0.71486 and 0.71549. That is home to a number of swing levels ahead of the low extremes in May see red numbered circles.  Yesterday and on Wednesday, the price bottom in that area and bounced. 

PS The USD is making a run to the upside with the EUR, GBP, JPY, CHF, AUD and the NZD all trading to new highs.  

PS Bitcoin and Ethereum are getting hit hard.

Invest in yourself. See our forex education hub.

Articles You May Like

Forexlive Americas FX news wrap:USD moves higher as flows shift from other currencies
The easing of inflation pressures is giving the economy some breathing room, for now
Kiwi Rebounds after RBNZ, Sterling Awaits Inflation Data
Crypto scams fall 65% after gullible noobs exit the market: Chainalysis
Master The Support and Resistance Trading Strategy: ALL YOU NEED TO KNOW!

Leave a Reply

Your email address will not be published.