NZDUSD’s 100 hour MA pushes toward the price

Like many pair’s yesterday, the NZDUSD tested/moved above the 100 hour MA (blue line) but could not keep upside momentum going, fell short of the next targets (for it the 200 hour MA) and rotated lower.

Today, looking at the hourly chart, the price action has continued to move up and down. The early European session high stalled ahead of the falling 100 hour MA. The NY session high moved above the falling 100 hour MA, but could not keep the momentum going. In fact, the price could not even reach the London session high.

The last three hourly bars are knocking on the 100 hour MAs door, but have not been able to break through. That MA currently comes in at 0.5604. The current price is at 0.5600.

Having said that the selling has been modest. The Asian session low for the day moved briefly below the swing low going back to September 28 but only by a few pips (0.55638 vs low at 0.5559). The early NY session low could only reach 0.5571.

The consolidation near the low may just be “buying time” ahead of the key CPI data tomorrow.

Nevertheless, what we do know is the sellers remain in control. It will take a move above the falling 100 hour MA to give the buyers a victory. The price would have to stay above that level to keep short term control.

Above that is the falling 200 hour MA currently at 0.56539 (and moving lower). Get and stay above that, would give the buyers more control, and open the door for further upside probing.

Absent those types of moves, and the sellers are still in control.

Looking at the weekly chart, the low from 2020 reached to 0.54668. That would be the next key target on more selling. That is the lowest level going back to March 2009.