The NZDUSD has moved lower over the last 3 trading days in the process retested at the high of a swing area on the daily chart near 0.59028 (see chart below). Support buyers came against that level and have pushed the price higher in trading today from a technical perspective. Buyers are showing a willingness to keep control by holding that support level.
NZDUSD price action on the daily chart
Drilling to the hourly chart below, the move lower over the last 3 days did break below the 100-hour moving average currently at 0.59468, but fell short of the rising 200-hour moving average currently at 0.58984. The price action on the corrective move lower also moved below the 50% midpoint of the move down from the October high at 0.59135. However, momentum below that midpoint level could not be sustained, and the price is back above.
If the buyers are to take more control, they need to stay above that level. The buyers also need to get – and stay above – the 100-hour moving average at 0.59468. That moving average is also joined by the 61.8% retracement of the same move lower from the October high. Key technical level.
NZDUSD is above its 50% midpoint but with work to do
So buyers are trying to take more control. Can they get the price above the 100-hour moving average/61.8% retracement?