NZD/USD Resumes the Uptrend, As MAs Hold
Skerdian Meta • 1 min read
NZD/USD has been bullish since the middle of March when it ended the big crash and reversed back up. NZD/USD lost around 10 cents during March, as the coronavirus pandemic broke out, turning the risk sentiment off in financial markets, thus crashing commodity dollars such as the NZD lower.
But, the price reversed in March and since then buyers have been in total control. After a consolidation in May, the bullish move resumed again in NZD/USD, as the world started to reopen again and the sentiment started to improve. EUR/GBP climbed more than 11 cents in total, but the climb stopped at 0.6580s.
The price retraced lower during the second half of June, but the retrace and the consolidation that followed ended and the bullish momentum resumed at the last day of last month. Moving averages turned into support on the H1 chart, with the 20 SMA (grey) and the 50 SMA (yellow) taking up that job first, while now it’s the 100 SMA (green) which has turned into support. NZD/USD bounced off that moving average once yesterday and again today, but we remained on the sidelines since we were heavily exposed with 5 live forex trades already.