In this video, I take a look at the NZDUSD from a technical perspective. Unfortunately, the ups and downs in the currency pair this week are suggestive of the “market” unsure of the directional bias. There is just a lot of ups and downs.
What can be determined is that the low-price reached over the last few hours of trading defined support buyers within a swing area between 0.6218 and 0.6228. If that level can hold support, and the price gets back above its 100-hour moving average at 0.62397, the buyers would turn more positive. Absent that and sellers are still more in control.
This article was written by Greg Michalowski at www.forexlive.com. Source