Forex: NZD/USD trading around 0.7900

on Jul 17, 2013
Listen Wednesday July 17th_: The bulls ruled the NZD/USD yesterday and pushed the price up one percent on the day, with the daily candle closing at the 07900 level. The surge hasn’t proved sustainable today though, the pair in descent and at the moment changing hands at 0.7875.

The pair is floating above the MA89 and MA200 simple moving averages on the 1H and 4H timeframes, which indicates that there might be more bullish pressure.
Bigger picture-wise though, the price has been trending down since this past April and the 89- and, with the 200-day moving averages still above the price action, the recent downtrend may not yet have run its course.