31 pip trading range for the day
The NZDUSD has waffle up and down in a narrow trading range today. The pair is trading in a 31 pip trading range today. That is less than half of the 22-day average range of 69 pips. Buyers and sellers are battling it out.
Technically, the pair is staying below the 100 hour MA at 0.65627 (blue line in the chart above). It will take a move above to give buyers more confidence.
On the downside, the pair has been able to hold support against a rising trend line on the hourly chart currently at 0.6542. A move below that trend line would be more bearish.
NOTE: The 100 day MA is moving higher and in play at 0.65064. The low last week reached 0.6511. Both are downside targets on a move lower.
For now, however, buyers and sellers are battling it out in a very confined range. Traders will be looking for a break and run.
