NZDUSD ping ponging with the 50% of the last leg higher holding support | Forexlive

The NZDUSD is mired in an up and down trading range today. The range is only 52 pips. The average of the last 22 trading days has been around 100 pips. So there is some reluctance to move either higher or lower. The good news is that at some point the price will break and there should be on a move outside the up and down range.

Technically, on the downside, the pair has found support buyers (both yesterday and today) against the 50% of the last leg higher from the low on November 28. That midpoint level comes in at 0.6298. The low reached 0.6301 yesterday and 0.6302 today.

ON the topside, the Asian high reached a swing level from the hourly chart (see red numbered circle)at 0.6352 that was developed over the last few days. There was a break below that level on Friday on the jobs volatility. Yesterday, the level was broken again, but today’s highs reestablished resistance against the level. The swing level is now joined by the the 100 hour MA (blue line).

So support at the 50% midpoint at 0.6298. Resistance at the 100 hour MA and the swing level at 0.6352 The price currently trades at 0.6333 between the levels.

Traders are battling but will be looking for the next shove in either direction. Until then, the ping-ponging continues.