The NZDUSD experienced a decline during the Asian session, moving down to retest and briefly dip below the 200 bar MA on the 4-hour chart. Additionally, the price fell below last week’s lows (see the red and green lines at 0.61029). However, after these failed breaks, the price rebounded and surged higher during the US session.
Currently, the price has climbed to a new high and is testing a cluster of moving averages, including the 100 and 200-hour moving averages near 0.6145, and the 100 bar moving average on the 4-hour chart at 0.6148.
This area will be crucial in defining the bias for both buyers and sellers. If the price can move above the 0.6148 level, the bias would shift more in favor of the buyers. Conversely, if the price stays below these levels, sellers would hold a stronger position.
This article was written by Greg Michalowski at www.forexlive.com.
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