Today’s follow-through buying has been constructive, with the pair pushing above multiple key technical levels, including the 50% midpoint of the recent move down, as well as the 100-hour and 200-hour moving averages (blue and green lines). That run higher took the pair to a high of 0.6040 level, but more importantly, the corrective move during the US session found support right at the 200-hour MA, currently at 0.60104. That successful retest reinforces the technical significance of the 200-hour MA and keeps the bullish bias intact as long as the price stays above it.
As long as the price stays above the 200-hour MA, the bulls remain in control, with upside levels firmly in focus. A move back below that moving average, however, would weaken the rebound structure and reintroduce downside risk toward the 38.2% retracement of 0.59948 followed by the 100-hour MA (0.59824) or even the broken 50% retracement level (0.59664).
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about nzdusd rebounds sharply from key support yesterday today holds above 200 hour ma was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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