The NZDUSD moved to a new session low, and in the process moved down to test the high of a swing area near 0.58699. It also tested the 100 bar moving average on the 4-hour chart at 0.5871. Support buyers came in against the dual technical levels and pushed the price back toward the 50% midpoint of the move up from the October 26 low. The level comes in at 0.5886. On the topside sits the 200 bar moving average on the 4-hour period chart at 0.59064.
With the price trading near the 50% retracement, and between (near the middle) the 200 and 100 bar moving averages on the 4-hour chart, the buyers and sellers are both waiting for the next shelf. Getting above 0.5906 with momentum would increase a bullish bias. Moving below the 100 bar moving average and the high of the swing area near 0.5870 with momentum would increase the bearish bias.
The above video, tells the technical story and outlines the key levels in play.
This article was written by Greg Michalowski at www.forexlive.com. Source