The NZD/USD pair had a rollercoaster ride today as the pair hit a new low for the year (but only by about 3 pips). This low broke the lows of April and July. After the brakes failed, the price rocketed higher, erasing all the declines and trading higher during the day. At its high, the pair tested the 100-bar moving average. The high price reached 4-5 pips from this level before returning lower. I recall from Friday that this average was also tested – finding willing sellers against the level.
The move down now has the price moving between the 100-hour moving average above (blue line on the chart below) at 0.5938, and the 200-hour moving average below (at 0.5917). This area is more neutral. Traders are waiting for the next push.
Overall, however, with the topside remaining below the 100-bar moving average for the second week in a row, sellers are holding onto the small advantage technically.
NZDUSD is trading between the 100/200 hourly moving average.