The NZDUSD sellers pushed the pair lower on Monday but reached a swing area from the daily chart near 0.5848 and 0.5859. The low came in near 0.5862 and the price bounced higher.
IN the trading today, the price has once again moved lower and for the 2nd day in a row stretched toward the swing area at.0.5848 to 0.5859 and again buyers came in and have stalled the fall (so far at least).
The price is currently trading at 0.5878.
So seller had their shot to get below support, and they missed not just once but twice.
Putting it a different way, the buyers leaned against support with risk defined and limited, and it has worked twice. Buyers are ‘in play” despite the sellers control.
What do the buyers have to do to take more control?
- Stay above 0.5848
- Get above the 100 bar MA on the 4 hour chart at 0.5886
- Get above the 38.2% of the November range at 0.5889
- Get above the 100 hour MA at 0.58937.
If that can be done and the price stay above that area, the buyers start to chalk up a few more wins in the battle with the sellers and more upside correctiive probing can be explored.