The NZDUSD buyers based the pair today at the 200 and 100-day MAs near 0.6075 to 0.6078. Those were just above the 50% of the move from the October 2023 to the December 2024 high. That midpoint comes at 0.6070.
So with the cluster of key technical levels – the 50%, 100-day and 200-day MAs all with 10 pips of each other – and with the price basing at those levels today and moving higher, are the buyers tired of the ups and downs that has confined the pair for the last 5 trading weeks? That is what may be at stake going forward.
IN the video, I talk to this dynamic and outline what needs to be done to increase the bullish bias and to keep the buyers in control.
This article was originally published by Forexlive.com. Read the original article here.