NZD/USD still going nowhere in the session
It’s as though time stood still for the kiwi against the dollar
We’re pretty much in a similar spot to yesterday’s start to trading
here for the NZD/USD. Nothing has really changed as the pair continues to hug the 100-hour MA (red line) and stays between the two hourly MAs, struggling for direction still.
here for the NZD/USD. Nothing has really changed as the pair continues to hug the 100-hour MA (red line) and stays between the two hourly MAs, struggling for direction still.
The pair moved a little lower after the inflation data earlier, but has since climbed back up to hug the 100-hour MA. The lows this week bounced off the 0.7000 level as the pair continues to consolidate since Tuesday last week.
As mentioned yesterday, for a near-term bearish bias to maintain sellers need to hold below the 100-hour MA but more importantly now is to firmly break below 0.7000. As for a bullish bias, buyers will have to break above the 200-hour MA (blue line) @ 0.7035 to open up a fresh move back towards the upside.
Leave a Reply
Want to join the discussion?Feel free to contribute!