Chart Of The Day: 100-day SMA questions NZDUSD’s latest run-up

Fri, 12 Jul 2019 13:21

Even after revisiting the week's high, NZDUSD is still to provide a decisive break above 100-day SMA, at 0.6685, to justify its strength in confronting key resistances during further advances. Among the crucial upside barriers, 50% Fibonacci retracement level of 0.6695, nearly 4-month old descending trend-line at 0.6700 and 200-day SMA level of 0.6711 could question buyers at first. If at all prices rally past-0.6711, mid-April tops surrounding 0.6785 may quickly flash on the chart.

On the downside, 61.8% Fibonacci retracement near 0.6630 and latest low near 0.6570 can come back as quotes on the pair's failure to cross 100-day SMA. In a case where the pair declines below 0.6570, late-May high around 0.6560 and nine-month-old ascending trend-line near 0.6490 might appear on the sellers' top-list.

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