NZDUSD is extending higher today, though still short of Monday’s highs at 0.5740. The high reached 0.5737.
Technical signals suggest buyers are maintaining control.
- On the 4-hour chart, the pair found support at the 200-bar MA earlier this week, reinforcing bullish interest.
- Today, the higher 100-bar MA at 0.56063 and the 0.5692 – 0.5704 swing area acted as a strong floor, leading to a rebound, with the pair now trading around 0.5730.
As long as NZDUSD holds above the 100-bar MA, the near-term bias remains tilted to the upside. A push higher will bring the 100-day MA at 0.5756 into focus—clearing and holding above this level would strengthen the bullish outlook and signal further upside potential.
Overall, the price action is in consolidation mode following a downtrend, allowing the bias to shift both ways with ease. However, buyers are starting to gain control as long as the price holds above the key moving averages. A break above the upper resistance levels would further strengthen the bullish bias and signal a potential shift in momentum.
This article was written by Greg Michalowski at www.forexlive.com.
