The NZDUSD bounced near the 0.6700 level for the 2nd consecutive day and the 3rd time in the last 5 trading days (it bounced off the level on December 15 as well - FOMC day).
Looking at the weekly chart above, the 38.2% retracement of the move up from the 2020 load to the 2021 high comes in at 0.67012. Both last week's low in this week's low has held that support level.
Also of interest on the weekly chart is the 200 week moving average at 0.6743. The price close below that weekly moving average last week, but is currently trading back above that level at 0.67627 currently.
Drilling to the hourly chart below, the price's bounce off of the key support lows today, has seen the price move back above a swing area between 0.6735 and 0.6740. Buyers taking some control. Getting above that area has brought the 100 and 200 hour moving averages in focus as the next upside target.
The current price has been trading above and below the 100 bar moving average over the last 8/10 hours. The high price just reached 0.67628. That was just above the 200 hour moving average at 0.67608.
If the price can get and stay above that 200 hour moving average, the buyers would be more in control with further upside probing looking toward the 0.6800 area as the potential next major target area.
