The NZDUSD has fallen to moving average support after the stronger-than-expected US CPI data. The NZDUSD and the AUDUSD are battling each other for the biggest mover vs the greenback with a move of about 1.2%.
That move (to the downside) has now seen the pair approach the 200 bar MA on the 4-hour chart at 0.5940. Sellers now have a choice. Do they stretch for a break with the swing area between 0.5879 to 0.5894 as the next target? Or is it time to call off the sellers and look for a rebound with the 100 bar MA on the 4-hour chart at 0.59613 as the next target that if rebroken to the upside, would increase the bullish bias?
Key level for buyers and sellers.
This article was written by Greg Michalowski at www.forexlive.com. Source