NZD/USD: extending reversal towards key 200 1hr sma

NZD/USD is currently consolidating the bid from 0.7232 lows to reach as high as 0.7285, albeit someway off key resistance through the 200 sma on the 1hr sticks.

OPEC Makes a Surprise Deal - Adam Button

NZD/USD has been firmer on the back of investors taking on a risk-on approach while the OPEC news lifted the spirits of the antipodeans. At the same time, the U.S. data in durable goods was anything, but positive, albeit beating expectations, but still falling well below prior. Meanwhile, markets remain fixated on the RBNZ for November tipped to cut rates and while the U.S. elections are an obstacle for the Fed, December is still on the cards and weighs on the prospects for a full on recovery in the bird.

US: Durable goods orders flat in August

NZD/USD levels

With spot trading at 0.7288, we can see next resistance ahead at 0.7289 (Daily High), 0.7294 (Hourly 200 SMA), 0.7295 (Daily 20 SMA), 0.7297 (Daily Classic PP) and 0.7306 (Yesterday's High). Support below can be found at 0.7284 (Daily Open), 0.7280 (Weekly Classic PP), 0.7273 (Hourly 100 SMA), 0.7271 (Daily Low) and 0.7270 (Hourly 20 EMA). Looking to candlestick patterns, we can see a Piercing Line formation on the 4-hour chart.

What to do with all that risk?