February 3, 2023

Forex Solution

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NZDUSD bounces off a swing area ahead of the July lows

1 min read

A swing area comes between 0.6915 and 0.69204

The NZDUSD has moved lower for most of the London session and worked its way toward a swing area between 0.6915 and 0.69204.  Buyers showed up near that swing area (the lower yellow area and red numbered circles on the chart below).  The price currently trades around 0.6936.

A swing area comes between 0.6915 and 0.69204

That swing area will be eyed through the FOMC decision. A move below, and the Bears would likely continue toward the swing lows from July between 0.6888 and 0.68802. 

On the topside, the pair is moving back toward a swing area from the end of last week/early this week between 0.6938 and 0.69459.  Get above that area, and traders will once again look toward the 200 hour moving average at 0.69594 and the 100 hour moving average at 0.69695. 

Ultimately if the buyers are to take back more control, getting above the hourly moving averages would be required.  Yesterday and again today, the price got close to the 100 hour moving average, only to find sellers leaning.

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