NZD/USD: Another visit to the 200 day exponential moving average

The 200 period exponential moving average usually acts as a very good zone of support or resistance, especially on the daily chart. That is why we saw that the NZD/USD bounced to the downside on Friday from that moving average around the 0.7739 level (blue line) and today we can see that the price has gone back up to that level, but it is currently trying to stall there. Therefore, we must be attentive to a possible bounce to the downside from that zone, but we should also be on the lookout for a possible breakout, because usually those breakouts around that moving average also presents us with good trading opportunities to go long.