July 08, 2024 at 07:21PM
The NZDUSD rallied toward the end of last week’s trading, after sellers had their shot on the break of both the 100/200 day MAs earlier in the week. The move higher initially extended to the 200 bar MA on the 4-hour chart, before correcting lower midweek.
On Friday, buyers returned after the US jobs report and extended above the 200 bar MA on the 4-hour chart.
Today, the price extended to the highest level since June 14th and in the process moved into a swing area target between 0.6151 to 0.6159. Sellers leaned in the Asian session and rotated lower. The low price has reached back to the 200-bar MA on the 4-hour at 0.61278.
So resistance at the topside swing area stalled the rally. The 200 bear MA on the 4-hour chart is stalling the fall. Those levels (up to 0.6159 and down to 0.6127) are the close break points going forward.
Hear all about it, in the above video.
This article was written by Greg Michalowski at www.forexlive.com.
