NZDUSD finds support at key levels, awaits next move

<p>The NZDUSD moved to a new session low, and in the process moved down to test the high of a swing area near 0.58699. It also tested the 100 bar moving average on the 4-hour chart at 0.5871. Support buyers came in against the dual technical levels and pushed the price back toward the 50% midpoint of the move up from the October 26 low. The level comes in at 0.5886. On the topside sits the 200 bar moving average on the 4-hour period chart at 0.59064.</p><p>With the price trading near the 50% retracement, and between (near the middle) the 200 and 100 bar moving averages on the 4-hour chart, the buyers and sellers are both waiting for the next shelf. Getting above 0.5906 with momentum would increase a bullish bias. Moving below the 100 bar moving average and the high of the swing area near 0.5870 with momentum would increase the bearish bias.</p><p>The above video, tells the technical story and outlines the key levels in play. </p>

This article was written by Greg Michalowski at www.forexlive.com.