The NZDUSD traded up and down during yesterday's trade.
- The low for the day stalled against an upward-sloping trendline.
- Highs for the day stalled within a swing area between 0.6258 and 0.6273.
The price high from yesterday (0.6272) also stayed below the 100-day moving average currently at 0.6274.
In trading today, the upper-sloping trendline was broken in the Asian session, but support buyers leaned against the 100-hour moving average (blue line in the chart above) and pushed the price back to the aforementioned swing area (between 0.6258 and 0.6273).
The subsequent move to the downside initially found support against the 100-hour moving average again, but was broken in the early US session as USD buying picked up steam (helped by Fed Logan hawkish comments). The break of the 100-hour moving average was also a technical reason to sell the NZDUSD pair lower.
The fall took the price to a swing area between 0.6202 and 0.6206 (just above the natural support of 0.6200) the last 4 or 5 hours have seen a consolidation trading range, with a high at 0.6218. The current price trades at 0.62095.
What now?
Break below the 0.6200 area and traders will start to target the lows reached on Monday and last Friday near 0.61813.
Conversely, if buyers start to show more interest (so far the buying is limited), or if traders (including you perhaps) want to lean against the 0.62000 level (with 0.6200 as a stop), a move back toward the 100-hour moving average at 0.6231 (and moving lower) would be the target.