Zone 0.7052-59 is being tested
The NZDUSD moved to test the June 2018 swing highs between 0.7052-59 yesterday. The high price reached 0.70499 and retreated (see daily chart below).
This correction from yesterday (see chart below), moved down to test the MA at 100 hours (near yesterday’s close – see blue line) AND the swing higher going back to Tuesday last at 0.7004. The fall stopped and picked up at the start of the Asian session (see chart below).
Today’s high reached 0.7048. The current price is 0.70424.
Needless to say, a move above 0.7049 to 0.70590 is needed to open the door to further gains. Stay below however keeps a cover on the pair.
The risk for buyers (who are in control) remains the 100 hour moving average at 0.70169 and moves higher (blue line in chart below). It would take a move below that moving average line to weaken the technical picture now.