The last two trading days in the NZDUSD have developed a pattern. That pattern is to ping-pong between the 100-bar moving average on a 4-hour chart on the topside (currently at 0.61967), and the 100-hour moving average on the downside at 0.61565.
In between sits the 200-hour moving average at 0.61698.
Traders are leaning on support on the downside and resistance on the topside and waiting for the break with momentum.
This article was written by Greg Michalowski at www.forexlive.com.
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