NZDUSD moves back below the midpoint of the 2022 trading range | Forexlive

The NZDUSD has moved back below the 50% of the 2022 trading range at 0.62719 today.

Recall that the high price from earlier this month moved into a swing area between 0.6529 and 0.6578. However, momentum could not be sustained and the price rotated quickly to the downside before finding support against that 50% midpoint level on February 6 and February 7.

The subsequent corrective move off those lows from early February stalled within a swing area between 0.6363 and 0.63948 before trending back to the downside yesterday and again today. The breaking of the 50% midpoint now sets that level has a close risk level. Stay below is more bearish.

Drilling to the hourly chart below, the price action in the pair has been up and down. The pair since early February has been trading in an up and down range between 0.6269 and 0.6388. Yesterday’s up-and-down volatility saw the price retest the high price from February 9. And a low swing area between 0.629201 and 0.63029, before settling between the 100 and 200 hour moving averages at the end of day. In trading today, the price has trended from the start to the downside with the last few hours breaking below the lows for the month at 0.6269.

Finally, looking at the 5 -minute chart below, what is keeping the lid on the pair? The 100 bar MA on the corrective move off the new low, stalled the rally. If the buyers are to break the trend move lower, they need to get and stay above that MA level. Absent that and the buyers are not winning. The sellers remain in full control. That 100 bar MA break is the minimum.