August 13, 2024 at 07:31PM
The NZDUSD is on a run. Today, the price moved above and away from the 200 bar MA on the 4-hour chart at 0.6020. It moved above the 100 day MA and the 61.8% retracement at 0.6036 area, and more recently, a swing level going back to early July at 0.60627.
The next key target comes in at a key MA – the 200 day MA at 0.60859.
For traders, the trend is great, but there may be some resistance near the 200 day MA at least on the first look. Be aware.
Meanwhile the GBPUSD and EURUSD are both trading at new highs.
For the GBPUSD it is breaking away from the 50% of the move down from the July high at 1.28537 and above the high of a swing area at 1.2867. The 61.8% comes in at 1.2898.
The EURUSD moved above teh 1.0963 level and looks toward the 1.1000 level. THe price is trading at 1.0991. The high from last week reached 1.1008 which was in the middle of a swing area from 1.0998 to 1.10164.
This article was written by Greg Michalowski at www.forexlive.com.