Trades between the 100 and 200 hour MA (and 50% retracement).
The NZDUSD traded at an Asian session low at 0.70807 in the 1st hour of trading today, and marched higher. That move raced up to retest the Monday high at 0.71197. The high price reached 0.71202 just above that high and immediately backed off.
The last 7 hours has seen the price retrace all the gains and then some. The low price reached 0.70687.That took the price back below the 100 hour moving average at 0.70883 (blue line chart above), but stalled the fall ahead of the 200 hour moving average at 0.7065 level (green line in chart above). Also near the 200 hour moving average is a 50% retracement of the range since the December 9 low. That level comes in at 0.7064.
The low price from yesterday dipped below the 200 hour moving average on 1 hourly bar. However the next dip did find buyers against the moving average level.
The rotation back to the downside has the pair more in neutral territory between 100/200 hour moving averages. Other support levels including the 50% retracement make for a solid level on the downside. Traders are battling it out between levels as the ups and downs continue for the pair.
