NZDUSD traders define support and resistance targets
Generally speaking, the NZDUSD is consolidating between the 50% retracement of the move up from the June 29 low at 0.6230, and the 61.8% retracement level of the same move higher at 0.61874.
In between those retracement levels are a number of moving averages including the:
- 200-day moving average at 0.6214,
- 100-hour moving average at 0.62048
- 100-day moving average at 0.61978
Through the FOMC rate decision, getting above the 50% retracement level will be more bullish, and next target the 200-hour moving average of 0.62558. A move above that moving average would open the door for further upside momentum.
On the downside, moving below the 61.8% retracement and staying below would target 0.6165, and the low from Monday’s trade at 0.6155. Below that a swing area between 0.61327 and 0.61406 would be eyed.