The wander higher today stalls at the hourly MA
The NZDUSD has pushed higher in trading today. The move has been marginal. The low to high trading range is only 29 pips. The average is 51 pips. As a result, we can’t exactly say the pair is on fire.
Moreover, the wander to the upside, did find sellers against the 100 hour MA (blue line in the chart). The high reached 0.6658. The MA was at 0.6657 on the test. Sellers leaned, the price has rotated lower. Risk for sellers remains at the MA line (now at 0.66598 (and moving higher). Stay below is more bearish.
Looking at the hourly chart, the targets on the downside are the upward sloping trend line and the 38.2% retracement. Both are at 0.66234 now. The trend line is moving higher. Traders may stall on a test of that line. Below those levels, is the 200 hour MA (green line) at 0.66176 (and moving higher). The price has not been below the 200 hour MA since September 17th.
The RBNZ is expected to keep rates unchanged tomorrow at the end of the trading day (at 5 PM ET). Here is what happened back in August for your review.