NZD/USD: testing the resistance
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Disposition
The US dollar has exerted much pressure on the NZD lately and made the pair dive to the support of 200-MA above 0.72. However, the pair bounced and currently trades below 0.73 between 100-MA and 50-MA. The positioning of the MAs is a very convenient example of how you can use them for technical analysis and action planning.
Action plan
- If NZD/USD crosses 50-MA and 0.73, that will likely mean that bulls are taking over, and 0.74 will be a mid-term target
- If NZD/USD crosses the support of 100-MA, it will likely aim at 200-MA below - that would mean the support of 0.72 may be threatened
