NZDUSD didn’t escape today’s USD selloff. The pair is 1.15% higher on the day (NZD higher/USD lower). At current levels, this is the biggest gain since April 13, when the pair rose 1.386%.
Looking at the hourly chart, the move up has taken the price above the swing area between 0.6104 and 0.6114. The break above the upper extreme also extended above the descending 100-hour moving average. This moving average is currently at 0.6115 (blue line in the chart above).
The continued momentum has pushed the price now towards the pair’s 200 hourly moving average at 0.61423. The high price reached 0.61408 just below this level. The current price is trading at 0.6136. Sellers can rely on this moving average given today’s big move. The trading range from low to high is 83 pips. The average for the last 22 trading days (around a trading month) is 64 pips.
Sellers leaning on the 200 hour MA level could have stopped on a break above. 50% at 0.61477 and 200-day MA at 0.6161 are other pro-inflation targets with more upside momentum. .
On the downside, a move back below 0.61327 would prompt traders to the 38.2% retracement of 0.61243 and then the 100-hour moving average of 0.6115.