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NZDUSD retraces above the 100/200 hourly MA as the rise continues for the pair today


NZDUSD cracks above the 100/200 hourly MAs

the NZDUSD

NZD/USD

NZD/USD is a commonly offered currency pair representing the New Zealand Dollar or Kiwi and US Dollar. The pair is popular for exposure to a commodity currency, namely the NZD, which helps capture traders’ risk appetite. Like its Antipodean counterpart, the Australian dollar, NZD/USD is seen as carry, in part due to interest rate differentials favoring the NZD. The NZD is the seventh most liquid pair in the world at the time of writing, with the USD being the most traded currency in the world and the NZD being the tenth. What affects NZD/USD? NZD/USD is offered by virtually all retail forex brokerages and is a common pair that traders may have experience with. The pair moves based on investor sentiment and can be much more volatile than other pairs such as EUR/USD, GBP/USD and others. Given that New Zealand is the world’s largest exporter of powdered milk, this metric is a key factor when driving the pair. Any sensitivity to milk powder exports is captured via the NZD/USD. Additionally, tourism is a key contributor to the New Zealand economy and as such helps move the currency pair. Other factors of note for NZD/USD include export volumes to China as well as other important economic data releases from China. Central banks also play a huge role in the direction of the currency pair, with the US Federal Reserve and the Reserve Bank of New Zealand being closely watched by investors. Monetary policy is more than capable of sharply moving NZD/USD, which can swing much more than other normal pairs.

NZD/USD is a commonly offered currency pair representing the New Zealand Dollar or Kiwi and US Dollar. The pair is popular for exposure to a commodity currency, namely the NZD, which helps capture traders’ risk appetite. Like its Antipodean counterpart, the Australian dollar, NZD/USD is seen as carry, in part due to interest rate differentials favoring the NZD. The NZD is the seventh most liquid pair in the world at the time of writing, with the USD being the most traded currency in the world and the NZD being the tenth. What affects NZD/USD? NZD/USD is offered by virtually all retail forex brokerages and is a common pair that traders may have experience with. The pair moves based on investor sentiment and can be much more volatile than other pairs such as EUR/USD, GBP/USD and others. Given that New Zealand is the world’s largest exporter of powdered milk, this metric is a key factor when driving the pair. Any sensitivity to milk powder exports is captured via the NZD/USD. Additionally, tourism is a key contributor to the New Zealand economy and as such helps move the currency pair. Other factors of note for NZD/USD include export volumes to China as well as other important economic data releases from China. Central banks also play a huge role in the direction of the currency pair, with the US Federal Reserve and the Reserve Bank of New Zealand being closely watched by investors. Monetary policy is more than capable of sharply moving NZD/USD, which can swing much more than other normal pairs.
Read this term continues its bullish move seen today after the pair relied on its 200-day moving average at the start of the Asian session and pushed higher. The pair moved above a swing zone between 0.69221 and 0.6929 and moved above the 100 hourly moving average (blue line). However, the pair encountered resistance against its 200 hourly moving average during the morning session in London (green line).

After a bearish retracement that successfully retested the aforementioned swing zone (to 0.6921), the price has risen over the past three hours or so. The price has now broken above the 100 and 200 hourly moving averages at the 0.6940 area. Stay above now and buyers can continue to probe higher.

On the upside, Thursday’s swing high sits at 0.69565 and above that a swing zone between 0.6974 and 0.6977 would be targeted ahead of the March extremes at 0.69877 or 0, 69977.

A return below the moving averages, and there will likely be some disappointment on the missed break. A return to the 0.6922 to 0.6929 area would be expected.

For now, however, buyers are playing and regaining more control with the price action today.


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