July 05, 2024 at 06:52PM
As the trading week works toward a close, the NZDUSD is trading near highs for the week.
Technically the move to the upside has also breached the 100-bar MA on the 4-hour chart at 0.61116 and the 200 bar moving average on the same chart at 0.61267. The high price today reached 0.6139.
As we head toward the close – and into the new trading week – staying above the 200-bar moving average and the 100-bar moving average would be more bullish. Conversely, a rotation back below those levels, would likely disappoint the buyers on the break higher.
Earlier this week, the sellers did have firm control when they pushed back below both the 100 and 200 day moving averages near 0.60670. The inability to stay below those moving averages, gave the buyers the go-ahead to reverse and indeed they did.
Now it the buyers’ turn to not disappoint. Stay above the 100/200 bar MA on the 4-hour chart and the upside door is wide open.
This article was written by Greg Michalowski at www.forexlive.com.
