NZDUSD trading up and down
The NZDUSD has recently entered a consolidation phase, poised between an upper swing area and a lower one. The upper boundary encompasses a range of 0.6250 to 0.62639 (highlighted by red numbered circles in the accompanying chart), with the 100-day moving average positioned nearby at 0.62488. As the new trading day unfolds, this moving average is expected to edge higher, likely falling within the upper yellow zone.
Conversely, the lower swing area lies between 0.6191 and 0.62023 (indicated by green numbered circles). Although the price briefly surpassed this range on today on the run lower, it was a fleeting moment that lasted merely an hour..
Over the past 31 hours, only one hourly bar has strayed outside the 0.6191 to 0.62639 range, exemplifying the market’s non-trending nature in the NZDUSD.
With oscillating price action and an uncertain trajectory, market participants are currently on standby, ready to respond to the next decisive push. This anticipated shift should propel the currency pair beyond the upper yellow area or plunge it below the lower one. Traders should remain vigilant and well-prepared, as a breakout is inevitable, ultimately setting the stage for a dynamic market run.