NZDUSD rebounds after sharp fall last week, but buyers have work to do for control.

<p>Last week, the NZDUSD reached a peak just below its 100-day MA, currently at 0.60546. </p><p>Subsequently, the pair experienced a decline on Wednesday, Thursday, and Friday, leading to a low point within a swing area ranging from 0.58796 to 0.58945 (see lower yellow area on the chart below). This region halted the downward movement, resulting in a modest price increase today. However, if the low has indeed formed a bottom within the swing area, there are challenges on the upside. </p><p>To establish a more bullish bias, the price must surpass the following levels: </p><ul><li>The 200-bar moving average on the 4-hour chart at 0.5939, </li><li>The 38.2% retracement from last week's high at 0.59483, and </li><li>The 100-bar moving average on the 4-hour chart at 0.5959. </li></ul><p>If that is not doable, oOn the downside, the swing area between 0.58798 and 0.58945 remains crucial for increasing the bearish bias.</p><p>The video above outlines the technical in play for this currency pair.</p>

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