NZDUSD: The pair moved higher on Tuesday, climbing up to test its 100-day moving average at 0.59595. Sellers leaned against that key level and forced the price back lower, with the day’s early low hitting 0.59214. That decline stopped short of the 200-bar moving average on the 4-hour chart at 0.5905, leaving downside targets untested.
The subsequent rebound carried the pair back above a swing level at 0.59376. This level had been a notable peak back on August 15 and August 18 before the pair fell toward its August low near 0.5800. Regaining that ground gave buyers the green light to take another shot at the 100-day moving average. However, for the second time in as many sessions, sellers held firm at that level.
The price action leaves buyers and sellers locked in a short-term battle. Immediate support is defined at 0.59376, while resistance remains the 100-day moving average at 0.59595. A break on either side should act as a catalyst for momentum. On the downside, a move below support would shift focus back to the 200-bar moving average on the 4-hour chart at 0.59058. On the upside, a break above the 100-day MA would open the door toward the August high at 0.5995, followed by the 0.60301 level.
NZDUSD technicals