A Strong 3-Week Recovery
The NZDUSD is up for the third week in a row after bottoming on November 21 at 0.55758. The move to the upside has taken the pair to a high this week of 0.5830, representing a significant recovery over the last 16 trading days:
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Price Change: +254 pips
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Percentage Change: +4.56%
The Technical Battle: 100-Day Moving Average
This week’s rally briefly extended above the 100-day moving average at 0.58025—the first time price has traded above this level since September 18. However, the momentum hit a wall near a cluster of key resistance levels.
Where Sellers Stepped In:
The run to the upside stalled near the low of a swing area between 0.5830 and 0.58442. Crucially, it also failed just ahead of the 50% midpoint of the move from the July 1 high to the November low, which comes in at 0.58476.
After reaching a high of 0.5830 yesterday, sellers leaned against resistance and pushed the price modestly lower
