As the trading week works toward a close, what levels are in play for the NZDUSD heading into the new trading week starting March 18.
The price action this week has been more bearish with the price moving below the moving averages including the 100 and 200-bar moving averages on the 4hour chart and its 100-day moving average (currently at 0.61243). Staying below those moving averages keeps the bears more in control.
The pair is currently approaching it 200 day moving average at 0.6079. That remains a level that needs to be broken and stay broken to give the sellers more control. A swing area from 0.6061 up to 0.6085 is also an area that could stall the fall (and is needed to be broken to increase the bearish bias).
Find out all about it in the above video.
This article was written by Greg Michalowski at www.forexlive.com. Source