NZDUSD rebounds today. Saw tooth pattern continues. | Forexlive

The NZDUSD traded modestly lower on Monday. Moved higher on Tuesday. Fell on Wednesday and is moving higher today. A zig zag pattern down and up and down and up.

The high price on Wednesday moved up to tests a swing area near 0.6263 to 0.62687. The fall took the price below the 200 and 100 hour MA but was able to extend back above those MA lines today. IN addition, the corrective low today stalled ahead of the 200 hour MA, before rotating higher. That helped to keep the buyers more in control. Over time, it would take a move below both below the 100 and 200 hour MAs to increase the bearish bias technically.

Failure to do that and on the upside, there is a downward sloping trend line that cuts across at 0.62589 and moving lower. Move above it and a trend area between 0.6263 to 0.62687, and the bias shifts more to the upside.

Of course today is an up day. Will that lead to a down day tomorrow? Traders looking for the pattern to continue can look forward the 0.62589 and 0.62634 to 0.62687 as risk/bias defining levels. Stay below is more bearish. Move above, and the up and down pattern may be over.