NZDUSD falls with the USD strength today and in the process, tests its 100 day MA

The USD buying today has also influenced the price action in the NZDUSD.

For that pair, the pair fell and initially found support buyers against the 200- hour moving average and 50% retracement near 0.61418. After bouncing modestly, the sellers piled in and pushed below the dual technical levels. The subsequent momentum in the price too the NZDUSD all the way down to the 100-day moving average at 0.61215. Support buyers came in and stalled the fall.

Since then, the price has been consolidating near the 0.6130 level with the 200-hour moving average and 50% retracement looming above at 0.61418, and the 100-day moving average looming below at 0.61215.

With the day moving toward the close, that consolidation is likely to continue. However, going forward, the aforementioned levels will be bias defining levels. Move above 0.6142 would tilt the bias more to the upside. Conversely a move below the 0.61215 level would increase the bearish bias.

This article was written by Greg Michalowski at www.forexlive.com.