The NZDUSD fell late Wednesday, with bearish momentum carrying the pair down to its 200-hour moving average during the Asia-Pacific session. That level held as support, attracting buyers who helped lift the price higher through the European session. The rebound took the pair back above its 100-hour moving average, currently at 0.59786—a level that was tested from both sides yesterday.
Today, buyers are making another attempt to build momentum. Holding above the 100-hour MA is key in keeping the bullish case alive. If successful, the next upside target is yesterday’s high at 0.5998, followed by Tuesday’s peak at 0.6028. A break above that opens the door toward a swing zone between 0.6031 and 0.60456, which also includes the 61.8% retracement of the decline from the October 1 high—a major technical target.
For now, all eyes are on the 100-hour MA. Can buyers keep the momentum going and push the pair into more bullish territory?
This article was written by Greg Michalowski at www.forexlive.com.
