The NZDUSD is trading in a neutral technical area defined by a series of moving averages.
On the topside:
- 100-bar MA on the 4-hour chart at 0.61025
- 200-bar MA on the 4-hour chart at 0.6124
On the downside:
- 200-day MA at 0.6078
- 100-day MA at 0.6064
The current price sits between those levels at 0.60877 between those levels. Neither bull or bear are showing they want to take charge – just yet.
The CPI for the quarter will be released on Tuesday in NY at 6:45 PM ET. The estimate is for 0.5% for the QoQ.
That release may be what is needed to push the price outside the MA range. Until then, the price may be confined by the bookend MAs between 0.6064 to 0.61025.
In this video, I talk about the technicals in play, and outline what a break technically would look like. CLICK on the above video.
This article was written by Greg Michalowski at www.forexlive.com. Source