The NZDUSD has moved higher today. The rush to the upside was in the Asian session. IN the process, the price moved up to test a topside channel trend line, only to find willing sellers.
Since then, the price has rotated lower and has been trading above and below the 50% of the April trading range. That level comes in at 0.59668. The price low stalled near a swing area support at 0.59569.
The price has been moving up and down since then and trades above and below the 50%. If the price can stay above that midpoint level, the buyers can feel more confident with the topside trend line, the next target.
Conversely, if the price starts to trade more below the 50% and falls below the swing lows at 0.59569, the buyers may turn to sellers sites on the lower 100 hour MA and the rising lower channel trend line.
This article was written by Greg Michalowski at www.forexlive.com. Source