NZDUSD retests 200-day moving average after first break above since October 2024
The NZDUSD has made a significant technical move today, climbing above the 200-day moving average for the first time since October 9, 2024. This long-term moving average, currently sitting at 0.5888, had held resistance on a couple of tests yesterday before breaking above the in the Asian Pacific session today: Earlier today, price surged above the 200-day MA, a key bullish signal.The rally followed a breakout above the 100-day MA and a sharp upside momentum shift last week. The 100 bar MA on the 4-hour chart, the 200 bar MA on the 4-hour chart and that 100 day MA were all broken near the same level. The pair is now in the process of retesting the 200-day MA from above — a critical zone to determine whether buyers can maintain control.A hold above 0.5888 keeps the bullish bias alive and opens the door to further upside toward the 0.5930 level and beyond.A move back below the 200-day MA would be a setback and could shift momentum back to sellersKey levels:Support: 0.5888 (200-day MA), 0.5852 High from 2-weeks ago. 0.5824 (broken 38.2% retracement of the move down from September 2024Resistance: 0.5930 (50% retracement), 0.5970 to 0.5983 (swing area going back in time) 0.6000 (natural resistance) This article was written by Greg Michalowski at www.forexlive.com.
The NZDUSD has made a significant technical move today, climbing above the 200-day moving average for the first time since October 9, 2024. This long-term moving average, currently sitting at 0.5888, had held resistance on a couple of tests yesterday before breaking above the in the Asian Pacific session today:
Earlier today, price surged above the 200-day MA, a key bullish signal.
The rally followed a breakout above the 100-day MA and a sharp upside momentum shift last week. The 100 bar MA on the 4-hour chart, the 200 bar MA on the 4-hour chart and that 100 day MA were all broken near the same level.
The pair is now in the process of retesting the 200-day MA from above — a critical zone to determine whether buyers can maintain control.
A hold above 0.5888 keeps the bullish bias alive and opens the door to further upside toward the 0.5930 level and beyond.
A move back below the 200-day MA would be a setback and could shift momentum back to sellers
Key levels:
Support: 0.5888 (200-day MA), 0.5852 High from 2-weeks ago. 0.5824 (broken 38.2% retracement of the move down from September 2024
Resistance: 0.5930 (50% retracement), 0.5970 to 0.5983 (swing area going back in time) 0.6000 (natural resistance)
