The NZDUSD moved lower yesterday and in the process, did move below a key cluster of technical levels including the 200 day moving average at 0.60796, the 100-day moving average near 0.6072, and the 50% midpoint of the move up from the October low at 0.6070.
The low price yesterday extended to 0.60488, but did rebound higher and in trading today the price moved back to and through that cluster of technical levels.
However, over the last three 4-hour bars, the price has been waffling up-and down between the technical levels between 0.6070 and 0.6086 level.
There is a lover’s quarrel going on at the cluster of technical levels.
At some point, the buyers and sellers will kiss and make up and the price will extend either to the upside or to the downside. Traders will be waiting for the next shove. For the time being, the fight continues.
This article was written by Greg Michalowski at www.forexlive.com. Source