NZD/USD Bounces Off the 100 SMA, After a Decent Pullback
NZD/USD has retraced lower today, but the 100 SMA is holding as support
[[NZD/USD]] has been quite bullish since this pair reversed higher by the middle of March, following a 10 cent crash lower in the first half of that month. In fact, NZD/USD has been the most bullish among major pairs, climbing 11 cents from the bottom with very slight pullbacks, as seen from the H1 chart above.
This month, the bullish trend picked up further pace, with smaller moving averages providing support, most notably the 20 SMA (grey) and the 50 SMA (yellow) once. This shows that the pressure to the upside has been quite strong recently, with buyers not waiting for larger MAs to catch up.
Although, today we have seen a decent pullback lower. NZD/USD broke below the 20 and 50 SMAs without much hesitation, but the 100 SMA (green) has come to the rescue for buyers now. The retrace stopped right at the 100 SMA on the H1 chart, and NZD/USD is bouncing off that moving average. We missed the chance to buy at the 100 SMA, but will try to go long if the price slips to the 100 SMA again in the next hour or so.
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