NZDUSD ping pongs between 100-day MA above and 200-day MA below today

<p>The NZDUSD has been trading up and down and up and down today. The most recent move is to the downside, but support buyers came in against its 200-day moving average near 0.61574. The move off of that US session low has been able to find resistance against its 100-hour moving average at 0.61716 which tilts the bias a little bit more in favor of the sellers.</p><p>On the top side, in the early European session, the price moved higher and approach its 100-day moving average currently at 0.62022. Like against the 200 hour moving average early traders leaned against the moving average (this time on the sell side).</p><p>So overall, the price action is being bookended by the daily moving averages. On the top side of 0.62022 is the 100-day moving average. On the downside at 0.61574 is the 200-day moving average. Traders will now look for a shove outside of those extremes.</p>

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