The NZDUSD traded above and beneath the 100-day MA this week however above the 200-day MA (inexperienced line) into the mid-week RBNZ fee determination. The central financial institution reduce charges by 50 foundation factors and that despatched the pair beneath the 61.8% however consumers got here in towards the 61.8% retracement. The next bounce off the low on Wednesday noticed the worth transfer again to the 200-day MA the place sellers leaned, placing a lid on the pair.
There was one final transfer decrease which took out the 61.8% and the low for the week, however shortly failed.
That led to a run again larger and again between, the 200-day MA at 0.6095, and the 100 day MA above at 0.61215. That’s the place the worth is now.
Coming into the this week, the 100 and 200-day shifting averages have been key ranges on the draw back. As we finish the week and look to subsequent week, the identical 100/200 day MAs can be key ranges as soon as once more.
If the worth strikes above the 100-day MA on the topside, I might anticipate extra upside probing with merchants concentrating on 0.6167 to 0.61795 as the subsequent goal space. Transfer above and there can be extra upside momentum.
Conversely, if the 200-day MA is damaged on the draw back, I woudl anticipate extra draw back mometum with merchants as soon as once more concentrating on the 61.8% retracement at 0.60509. Transfer beneath and there ought to be extra draw back momentum.
