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Showing posts with the label Forexlive RSS Breaking technical-analysis feed

NZDUSD moves back down after run higher today stalls at the 100 hour MA

NZDUSD stays below the 100 hour moving average Yesterday, the RBNZ hiked rates by a greater than expected 50 basis points (est 25 bps) and the price for the NZDUSD initially spiked higher. However, after the NZDUSD price reached the 200 hour MA and the 200 day MA (green lines in the chart above), sellers leaned against the dual moving averages, and the buyers turned to sellers pushing the price sharply to the downside. The move lower did not end until the 100 day moving average was broken down at 0.6782. The low price reached 0.67513 before snapping back higher modestly and closed back above the 100 day moving average. In trading today, the price based near the 100 day moving average and rose up to retest its 100 hour moving average (see blue line in the chart above). Sellers leaned against that moving average level and put a halt to the rally for the day. For the second time in two days, sellers leaned against a key moving average (like they did against the 200 hour/200 day MAs the da


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