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The NZDUSD is bouncing off a swing bottom ahead of the July lows.

  • 28 July, 2021
  • 7:41 pm EEST

Market news

How NZD is acting today , a swing zone exists between 0.6915 and 0.69204.

 

The NZDUSD has been trending lower for the whole of the London session, aiming for a swing zone between 0.6915 and 0.69204. Buyers appeared near the swing area (the lower yellow area and red numbered circles on the chart below). The price is now hovering at 0.6936.

The FOMC decision will take a close look at this pivotal area. A dip below would likely send the Bears back to the swing lows from July, which were between 0.6888 and 0.68802.

On the upside, the pair is returning to a swing range between 0.6938 and 0.69459 that it reached at the close of last week/early this week. Once above that level, traders will turn their attention back to the 200 hour moving average at 0.69594 and the 100 hour moving average at 0.69695.

Ultimately, if buyers want to regain control, they must rise above the hourly moving averages. Yesterday and today, the price approached the 100 hour moving average, only to be met with sellers leaning.

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