100/200 days at MA 0.70938
The NZDUSD price is higher during the day, but consolidates below the session highs of 0.7073. The current price trades at 0.7069.
But looking at the hourly chart, the couple rushed higher than expected yesterday in New Zealand due to much stronger employment data. The high price reached 0.7087. That was about six points missing from the key’s 100/200 day MAs. Today, those moving averages are 0.70938. KEY, KEY level on.
Yesterday, high sellers saw that the price fell back to a 38.2% rise this week. This level is 0.70355. Keeping this level close, the correction left the variety “ordinary vanilla”. This keeps buyers in more control.
The big question is if a couple can rise above the 100/200 day moving average. This level is very important from a technical point of view. Get higher when buyers can probe higher (prejudice also becomes more positive / rising). Stay down and traders will start to see the level as a potential peak.