Range-bound NZDUSD eyes key technical levels for breakout signals ...Middle East

On the downside, the 200-bar moving average on the 4-hour chart at 0.56787 (see green line on the chart below) has provided strong support, stalling the decline for the second time this week. A break below this level would increase the bearish bias and signal further downside momentum.

Until a decisive breakout occurs, NZDUSD is likely to remain range-bound, with traders closely watching whether the price can push above the 100-day MA at 0.5757 for upside confirmation or fall below the 200-bar MA at 0.5678 to extend bearish momentum.

This article was written by Greg Michalowski at www.forexlive.com.

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