The NZDUSD has been trading up and down and up and down today. The most recent move is to the downside, but support buyers came in against its 200-day moving average near 0.61574. The move off of that US session low has been able to find resistance against its 100-hour moving average at 0.61716 which tilts the bias a little bit more in favor of the sellers.
On the top side, in the early European session, the price moved higher and approach its 100-day moving average currently at 0.62022. Like against the 200 hour moving average early traders leaned against the moving average (this time on the sell side).
So overall, the price action is being bookended by the daily moving averages. On the top side of 0.62022 is the 100-day moving average. On the downside at 0.61574 is the 200-day moving average. Traders will now look for a shove outside of those extremes.
This article was written by Greg Michalowski at www.forexlive.com. Source