NZDUSD corrects some of the rise from Friday, but bouncing into the close.

The NZDUSD moved higher on Friday on the back of a report from ANZ that they now saw 2 additional findings in 2024 (to 6%). That price the market and pushed the NZDUSD to a swing area between 0.61487 and 0.6159. The price rise stalled and rotated back to the downside. In trading today, the price action was more up and down with a downward bias, but the last few hours have seen a rotation to the topside as the trading day works toward the close.

If the upside is going to continue, the price needs to get above the aforementioned 0.6148 – 0.6159 area. Above that level, and traders would look toward the 38.2% retracement of the move down from the December high. That level comes at 0.61639 followed by the 200 bar moving average on the four hour chart at 0.6173.