Finding support against the 100 hour moving average though
The NZDUSD remains stuck near the middle of the trading range that has confined the price action cents July 2. The low during that range came in at 0.64982. The high (from July 9) came in at 0.65996. That is a range of 101 pips over over 13 days. The midpoint comes in at 0.6448. The low for the New York session reached down to 0.6551- just 3 pips from the midpoint level. The low also tested the 100 hour moving average currently at 0.65502.
Holding above those levels keeps the buyers more in control as buyers and sellers battle it out. However, be aware that a move back below would be more bearish. I would expect that buyers turned to sellers on a break with the lower trend line at 0.65416 as a another key target should sellers take back control (See green numbered circles).
On the upside, a trendline connecting highs from July 9, July 13 and July 15 cuts across at 0.65706. A move above that level – with momentum – would be a step in the bullish direction. The price would next target the recent swing highs. The high from last one the last Wednesday reached 0.6583. The high from last Monday reached 0.65929. The high price for July extended to 0.65996 (call it 0.6600). That high was the highest level since January 24.
