The NZDUSD started the day with a move below the low of a swing area at 0.6148. However, the price started to find buyers later in the Asian session, and in the process moved through the high of a swing area at 0.6159.
That break took the price up to test its 100 hour moving average near 0.6167. Sellers leaned against that level and forced the price back down to the low of the swing area at 0.6148, where buyers store the fall again.
Once again the price moved back to the 100-day moving average and found sellers against the level.
So overall, there is a lot of “ping-ponging” going on between the 100-hour moving average above at 0.6167, and the low of the swing area near 0.6148.
That is not a huge range which suggests that at some point the price is going to break either to the upside or downside. Traders will be looking for momentum on the break in the direction of the break.
Find out all about it in the above video.