MAs abve. Swing levels below
The NZDUSD has seen a number of ups and downs intraday today.
After consolidating in a narrow trading range in the Asian and into the European morning session, there was a run to the upside that saw the price extend to – and briefly through – the 200 and 100 hour moving averages (green and blue lines in the chart above). Those levels come in at 0.6555 and 0.6558. That break today failed, however within the hourly bar break, and the failure turned buyers into sellers.
The subsequent moved to the downside stalled near Asian and London session lows between 0.6523 and 0.6526. There is additional support going back to last week’s low on Monday and low on Friday between 0.6516 and 0.6519.
The price currently trades between those two extremes at 0.65371. There is a battle going on.
That battle will ultimately be won via a break below the lower swing extremes at 0.65233 and 0.6516, OR a break above the 100 and 200 hour moving averages (100 hour moving average at 0.65585). Traders will be looking for a break of either extreme with momentum.
For the time being “traders are trading”with with wiggles up and down and support buyers continuing to buy the dips and sellers continuing to sell rallies.