200 day MA at 0.7096.
The NZDUSD consolidating in a narrow at 37 pip trading range today. The low was reached at 0.70718. The high in the Asian session peaked at 0.71087.
The 200 day moving average is in between those extremes at 0.7096.
The price has traded mostly below that 200 day moving average level during the London/early US trading. The last 13 hours has only seen one hourly bar close above that moving average level (by one half of the pip). The pair tried to move above in the early US session but failed on each look.
On the downside, the 38.2% retracement of the move up from the end of September low cuts across at 0.7080. After holding that level in the Asian session, the price dipped below it during the London morning session. The last two hours have seen the price find support against it.
The current price trades at 0.7088 which is below the 200 day moving average but above the 38.2% retracement. An intraday battle is on between the technical levels in what has been a narrow trading range day.
In the short term, if the price can move back below the 0.7080 retracement level and stay below, that would be more bearish. Conversely getting back above the 200 day moving average - and staying above it - should see buyers reemerge.
