The NZDUSD buyers tried to extend higher, but failed. What now?

The buyers in the NZDUSD NZD/USD Understanding NZD/USD: A Comprehensive GuideThe NZD/USD is a commonly offered currency pair representing the New Zealand dollar or Kiwi and US dollar. The pair is popular for exposure to a commodity currency, i.e. the NZD, which helps capture the risk appetite of forex traders. Like its Antipodean counterpart, the Australian Dollar, the NZD/USD is seen as a carry trade, due in part to interest rate differentials which favor the NZD. The NZD is the world’s seventh most liquid pair at the time of Understanding NZD/USD: A Comprehensive GuideThe NZD/USD is a commonly offered currency pair representing the New Zealand dollar or Kiwi and US dollar. The pair is popular for exposure to a commodity currency, i.e. the NZD, which helps capture the risk appetite of forex traders. Like its Antipodean counterpart, the Australian Dollar, the NZD/USD is seen as a carry trade, due in part to interest rate differentials which favor the NZD. The NZD is the world’s seventh most liquid pair at the time of Read this Term tried to break higher on Friday, moving above a key 200 hour MA on the hourly chart and swing level on the daily chart. However, momentum failed and the price rotated lower.

Prior to the rally on Thursday and Friday, the price did break below the 50% midpoint of the range since 2021 low on the daily chart opening the door for lower levels. That break also failed leading the snap back rally higher.

So for the week, the sellers had their chance, and the buyers had their chance. Both failed.

As a result, the price is back in a neutral area in the short term and waiting for the next shove.

Find out the key levels in play that will give traders clues in the new trading week.