A rebound began midweek, with the price climbing to a high of 0.6042 early in Friday’s Asian session—once again just shy of the now-lower 200-hour moving average at 0.6044. Interestingly, the week began and ended with sellers leaning against the 200-hour MA, increasing the technical importance of that level heading into next week. Keep that moving average in mind into next week's trading.
Heading into next week, the 100-hour MA will serve as the near-term barometer for bias. A bounce off the 100-hour MA could refocus attention on the 200-hour MA as key resistance near 0.6036–0.6044. On the flip side, a move below the 100-hour MA with momentum opens the door back toward 0.5982 (50% retracement) and 0.5975 (weekly low).
While sellers held the upper hand this week, especially with the pair spending most of the time below the 200-hour MA, buyers showed resolve at the 50% level. With price now caught in between, the battle lines are drawn at the moving averages. Traders will be watching for a break to determine the next directional push.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about nzdusd ends the week between key moving averages as traders await next directional cue was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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