Technical Analysis

NZDUSD trades above its 100 day MA for the first time since April

NZDUSD breaks above the 38.2%/100 day MA

Like the USDCAD (see video here) which is seeing its 50% and 200 day being broken, the NZDUSD is also seen a break of a retracement level and key moving average on the daily chart.

For it, the NADUSD pair is moving above its 38.2% retracement of the move down from the April 2022 high. That level comes in at 0.64318. The price is also moving above its 100 day moving average (blue line in the chart above) at 0.64402. It’s the first break above the 100 day moving average since April 21, when buyers turned to sellers and push the price all the way down to a July low of 0.60599.

Traders on the break will now look for the levels to hold support. ON the topside, there is some resistance at 0.6488 and again at 0.6529 (swing low from the end of January). The 50% midpoint of the move down from the April high comes in at 0.65467..

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