Remains near highs

The NZDUSD remains near high levels. Earlier in the week RBNZ Wheeler said that the RBNZ did not see need for "rapid ease". Although near the high, the price has had a difficult time getting buyers too excited at the levels. Case in point, the recent highs in August took our prior highs but only by a few pips. In other words, there is not a whole lot of momentum on the "breaks".

Nevertheless, the sellers are not exactly lighting the world on fire either and if the price closes about the 0.7299 level today (currently trading at 0.7304, it would be the highest close since May 2015.

Do you want to buy near the highs?

That depend on the risk, doesn't it...

Looking at the hourly chart today, the price high was reached in the Asian Pacific session after taking out the high from yesterday by a pip or two. The fall has taken the price down to a low right near the 100 hour MA (blue line in the chart below). Buyers leaned and the price has risen modestly. What has not happened on the modest bounce so far is the price move back above the close from yesterday at 0.7310. Traders like to see a "+" next to the change. SO the sellers are trying to keep a lid on it. Watch 0.7310 for more bullish clues intraday.

If the sellers are to take more control though, they will need to get - and stay below the 100 hour MA (blue line in the chart below). If they can do that further corrective activity should be seen with the 200 hour MA (green line) as the next hurdle to get to and through (at 0.7272 currently). Below that and the road opens up a little bit more. It isn't highway driving but it is better.

Resistance at 0.7310. Get below 100 hour MA.