- NZD/USD trades near the strongest levels since September 12.
- September month high, 100-day EMA question pair’s further rise.
- 50-day EMA acts as nearby support.
With its sustained trading beyond 50-day Exponential Moving Average (EMA), NZD/USD rises to the five-week high while taking the bids to 0.6430 amid initial Tuesday trading.
While the bullish signal from the 12-bar Moving Average Convergence and Divergence (MACD) firms up odds for further upside, 100-day EMA and September high around 0.6450/55 could question the pair’s additional run-up.
Should prices rally beyond 0.6455, 50% and 61.8% Fibonacci retracements of July-October declines, close to 0.6500 and 0.6570, will become bulls’ favorites.
Alternatively, pair’s daily closing below 50-day EMA level of 0.6370 can recall early-month tops near 0.6355/50 and 23.6% Fibonacci retracement level of 0.6340.
In a case where bears keep the momentum controlled below 0.6340, 0.6270, 0.6240 and 0.6200 could lure them.
NZD/USD daily chart