NZDUSD corrects some of the rise from Friday, but bouncing into the close.

The NZDUSD moved higher on Friday on the back of a report from ANZ that they now saw 2 additional findings in 2024 (to 6%). That price the market and pushed the NZDUSD to a swing area between 0.61487 and 0.6159. The price rise stalled and rotated back to the downside. In trading today, the price action was more up and down with a downward bias, but the last few hours have seen a rotation to the topside as the trading day works toward the close.

If the upside is going to continue, the price needs to get above the aforementioned 0.6148 – 0.6159 area. Above that level, and traders would look toward the 38.2% retracement of the move down from the December high. That level comes at 0.61639 followed by the 200 bar moving average on the four hour chart at 0.6173.

This article was written by Greg Michalowski at Source