Rallies continue for these pairs
The NZDUSD has extended to a new trading high and is solidifying the pair as one of the strongest currencies today. AUDUSD is now up 1.15% on the day and is the strongest. The NZDUSD is the 2nd strongest with a gain of 0.95%.
For the NZDUSD today, the pair broke and moves away from the 200-day MA at 0.63079. Earlier, the lowest of the day stopped at the 61.8% retracement at 0.62628. Both actions are more optimistic from a technical point of view.
By exploring the hourly chart below, the pair is currently testing an upper channel trend line connecting recent lows and highs from the past 3 days. A move above this upper trend line (at 0.6353 currently and moving higher) should open the door to new bullish momentum. Stay below, we might see a lower rotation.
The risk for long positions is now at the 200-day moving average at 0.6308. This is also where we should see support buyers pop up.