Forex technical analysis: NZDUSD corrects toward the cluster of resistance

A bunch of MAs and 50% retracement should stall the correction

The NZDUSD has corrected in trading today. The last few days has seen a move lower after the RBNZ decision on Thursday.

The correction higher today has taken the price up toward the 100 and 200 hour MAs, the 50% retracement of the move down from Thursday's high and the 200 bar MA on the 4 hour chart.

I expect sellers to lean against the cluster of resistance as risk is defined and limited (Stops on a move above). Traders will be looking for the rotation back lower with moves below recent lows at 0.7249, 0.7234 and the low from earlier today (in the first hour of trading) at 0.7218.