NZDUSD bounces off swing level support at 0.5912. The 100/200 hour MA at 0.5975 eyed above
The NZDUSD moved higher into the Election Day, but found willing sellers near the 100 bar MA on the 4-hour chart. As the election results started to come in, the buyers turned to sellers.
The NZDUSD moved higher into the Election Day, but found willing sellers near the 100 bar MA on the 4-hour chart. As the election results started to come in, the buyers turned to sellers.
ON the way lower, the price fell below the 100/200 hour MAs near 0.5975 and fell below the low from last week's trading at 0.5938.
The low extended to 0.5912 which happened to be a swing level low back on August 6, just before reversing to the upside - a run higher that did not stop until 0.6377 at the end of September
All that move higher has been erased with today's bounce.
What next?
The 100/200 hour MAs at 0.5975 are now close resistance. It will take a move above that level to give the buyers a win. Absent that, and the buyers are not winning. The sellers would still be in firm control
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