NZDUSD up and down with the 200 hour MA holding support on the dips

The NZDUSD is trading up an down today and within confined technical levels.

Looking at the downside, the lows for the day have found support near its 200 hour moving average (green line in the chart currently at 0.6317). The last test also found support near the 100 hour moving average which is now converged with the 200 hour moving average.

Those moving average levels are now the barometer for the short-term buyers and sellers. Stay above is more bullish. Move below is more bearish. Right now, the buyers are holding onto more control, with more work to do.

On the topside, the high price for the day stalled near the high price from yesterday near 0.6364. Getting above that level is the next job for the buyers.

Above that, and traders would target the high of a swing area at 0.6375, followed by the 50% retracement of the June the trading range which comes in at 0.63857.

Conversely, if the converged 100/200 hour moving averages are broken to the downside, the buyers would have failed, and the sellers would take back more control. The 0.62918 would be the next downside target.

Last week, the high price for the week reached above that 50% retracement, extending to a high of 0.6395 before rotating back to the downside.