Runs further away from 38.2% and 200 hour MA
Yesterday I took a technical look at the NZDUSD - citing among other things- the 200 hour MA and how the price went up to that MA and backed off (green line in the chart below). If you missed that video, you can watch it here.
Today, the fortunes against that MA have been back and forth.
In the Asia-Pacific session, the price moved above the MA AND 38.2% retracement level as well at the 0.67427 level only to reverse back below.
That fall stalled, however, and a 2nd move above the key technical levels have led to more buying interest.
The pair has extended to new session highs in the last few minutes of trading taken the price further away from the moving average/38.2 retracement below, and also above the 50% retracement of the move down from the March 18 high (at 0.67677).
The pair is rising in a channel. The high trend line comes in at the 0.6778 level. There should be some profit taking/cause for pause against the level on a test with stops on a move above (next target being 0.6793 on a break - 61.8%).
