The NZD/USD hit a new low for the year yesterday, bottoming at 0.57604, just within the key swing area between 0.5741 and 0.5772 on the daily chart. The price rebounded into the close and continued higher during the early Asian session today, reaching 0.58138, a swing area aligned with the falling 100-hour moving average (MA). This confluence of resistance held, turning buyers into sellers once again.
In the North American session, the pair has moved lower, trading just above yesterday’s low at 0.5765. The price remains within the swing area on the daily chart, making this a critical level for both buyers and sellers.
Key Levels and Scenarios:
- Support Zone: The 0.5741–0.5772 area remains a pivotal support. Buyers can lean on the lower boundary (0.5741) as a base for a potential upside bounce.
- Resistance Zone: The 0.58138 level, reinforced by the falling 100-hour MA, is a key upside hurdle. A break above this would signal a shift in short-term
This article was written by Greg Michalowski at www.forexlive.com.
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