Technical Analysis

NZDUSD enters a swing area

Lots of ups and downs in the pair but buyers are testing a key target area

The NZDUSD has seen a lot of ups and downs going back to July 21. Most of the price action has been between 0.66134 and 0.66925. Yes there has been extensions higher and there been extensions lower, but the value (or where the most trading has taken place), is within the aforementioned area.

The pair is currently trading up toward an interim swing level seen since July 29. That area comes between 0.6672 and 0.66786 (see red numbered circles).  Move above that area and the 0.66925 would be the next key target to get to and through.

The buyers are more in control. At the lows today, the 38.2% retracement found support buyers and then buyers came in against the 100 hour moving average (blue line). That combination helped to give a better/bullish tone to the pair. 

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