NZDUSD trading range held to just 49 pips over the last seven trading days, showing active price swings but little overall progress. The pair has moved sideways after a broader bullish run that followed the June 26 low. As a result, the recent move now looks more neutral.
The 100-hour and 200-hour moving averages have moved close together near 0.5878 to 0.58799. That convergence reflects the flat price action. Moreover, those levels now act as the main short-term markers for buyers and sellers.
NZDUSD Trading Range Sets Key Levels
The 100-hour moving average stands at 0.58799, while the 200-hour moving average sits at 0.5878. If NZDUSD stays above the 100-hour average, buyers keep a slight edge. However, if the pair drops below the 200-hour average and remains there, sellers would gain more short-term control.
For now, traders remain focused on the edges of the NZDUSD trading range. The downside limit stands at 0.58587, while the upside cap is 0.59066. Therefore, those two levels are the main points to watch for the next breakout.
Breakout Levels Guide Short-Term Bias
A move below 0.58587 would hand sellers more control. In that case, traders would look toward the 50% midpoint at 0.58092 as a possible downside target. Meanwhile, a break above 0.59066 would shift the bias more clearly toward buyers.
On the upside, that break would bring swing levels near 0.5918 and 0.5928 into view. Furthermore, another swing target sits near 0.5967. Until price breaks either side of the range, the converged moving averages will keep marking the fight between buyers and sellers.
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Source: InvestingLive
