The 200 hour MA is stalling the rise
The NZDUSD – like the USDCHF – is trading between the 100 hour MA below at 0.69559 and the 200 hour MA above at 0.69737. The current price is at 0.6965.
Trading above the 100 hour moving average tilted the bias little more to the upside, but holding under the 200 hour MA, neutralizes the pair from a technical perspective.
It will now take a break above the 200 hour moving average to increase the bullish bias. Conversely a move back below the 100 hour moving average would give the sellers against the 200 hour moving average, some comfort from a technical perspective.
Buyers from below got the go-ahead on the break of the swing area between 0.69139 and 0.69191. Yes the price tried to extend above those levels in the Asian and early London session, but it wasn’t until the NY session that the area provided a floor and launchpad to the upside. Getting above the 38.2% retracement at 0.69427, was another base for the pair to push higher in trading today.