The buyers in the NZDUSD tried to break higher on Friday, moving above a key 200 hour MA on the hourly chart and swing level on the daily chart. However, momentum failed and the price rotated lower.
Prior to the rally on Thursday and Friday, the price did break below the 50% midpoint of the range since 2021 low on the daily chart opening the door for lower levels. That break also failed leading the snap back rally higher.
So for the week, the sellers had their chance, and the buyers had their chance. Both failed.
As a result, the price is back in a neutral area in the short term and waiting for the next shove.
Find out the key levels in play that will give traders clues in the new trading week.
This article was written by Greg Michalowski at www.forexlive.com.