NZDUSD sets the trading boundary. Looks for the next break. | Forexlive

The NZDUSD moved to lowest level since March 13, on Friday, and in the process moved back below the 200 day MA which is moving sideways at 0.6161. The low price reached 0.61253 on Friday and bounced up to 0.6154 before rotated back lower into the Friday close.

In trading today the price returned to the low from Friday reaching just below the low at 0.61242 (just 1 pip lower). Selling dried up. Buyers emerged and pushed the price back toward the bounce high on Friday. The price reached 0.6154 not just once but twice (once in the London morning and once in the NY morning). Sellers leaned. Resistance stalled the rally.

The current price is trading around 0.6144.

What now?

It will take a move above the 0.6154 level to give the dip buyers some added hope with the 200 day MA at 0.6161 and the falling 100 hour MA at 0.6170 other targets required to get and stay above.

On the downside, the now double bottom at 0.6124 is required to get below now.

Taking a broader look at the daily chart, the swing low for the year came in at 0.6084 back on March 8. There is a swing area going back to July 2022 between 0.60559 and 0.60844