NZDUSD bounces after break below 200 hour MA fizzles

Technical Analysis

Author: Greg Michalowski | nzdusd

Support at a low floor stalls the fall

The NZDUSD as seen down and up price action in the European session. 

Support at a low floor stalls the fall
The down price action part, saw the NZDUSD move below its 200 hour moving average (green line currently at 0.7144). That was the first break below that moving average since October 13 which should have been significant. 

However, the break found buyers near a floor area between 0.7129 and 0.7136. The low price bottomed at 0.7131 and rebounded back to the upside.

The subsequent move back higher saw the price move up into another swing area. This one was between 0.7178 and 0.7188. The high price just reached 017182 (erasing the decline for the day in the process) and stalled.  

Between the floor and ceiling extremes sits the 100 hour moving average at 0.71604 (blue line) and the 200 hour moving average at 0.71442 (green line). 

Moving back between those moving averages neutralizes the bias, with a move below the 200 hour moving average getting more attention. However, with support holding against the aforementioned floor down to 0.71293 earlier today, getting below that floor is still required if sellers are to be more comfortable (and take more control away from the buyers).

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