NZDUSD strikes again into swing space and between 100/200 day MAs going into the weekend.

The NZDUSD traded above and beneath the 100-day MA this week however above the 200-day MA (inexperienced line) into the mid-week RBNZ fee resolution. The central financial institution reduce charges by 50 foundation factors and that despatched the pair beneath the 61.eight% however patrons got here in in opposition to the 61.eight% retracement. The following bounce off the low on Wednesday noticed the value transfer again to the 200-day MA the place sellers leaned, placing a lid on the pair.

There was one final transfer decrease which took out the 61.eight% and the low for the week, however rapidly failed.

That led to a run again increased and again between, the 200-day MA at zero.6095, and the 100 day MA above at zero.61215. That’s the place the value is now.

Coming into the this week, the 100 and 200-day shifting averages had been key ranges on the draw back. As we finish the week and look to subsequent week, the identical 100/200 day MAs shall be key ranges as soon as once more.

If the value strikes above the 100-day MA on the topside, I might anticipate extra upside probing with merchants concentrating on zero.6167 to zero.61795 as the subsequent goal space. Transfer above and there shall be extra upside momentum.

Conversely, if the 200-day MA is damaged on the draw back, I woudl anticipate extra draw back mometum with merchants as soon as once more concentrating on the 61.eight% retracement at zero.60509. Transfer beneath and there needs to be extra draw back momentum.

This text was written by Emma Wang at www.ubaidahsan.com.



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