The NZDUSD continues to trade within a broad sideways range, with buyers and sellers battling around key technical levels. Earlier this week, buyers made an attempt to push the pair above the 100-bar MA on the 4-hour chart, but the move stalled and ultimately failed. That MA, currently near 0.5939, now serves as a topside target and high of of a cluster of MAs that would need to be broken, for the buyers to take back more control. Included in that cluster are the:

• 200 day MA at 0.5882
• 100 hour MA at 0.59036
• 200 hour MA at 0.5930, and
• 100 bar MA on 4-hour chart at 0.59399

On the downside, the price is now testing the 200 bar MA at 0.5863, on the 4-hour chart between 0.5852 to 0.5860. Earlier this week, sellers briefly pushed the pair below the swing area between 0.5852 and 0.5860, but the rising 200-bar MA on the 4-hour chart (currently at 0.5863 but lower earlier this week) helped attract dip buyers. The price bounced off that area, confirming it as a critical support zone in the current range.

As long as NZDUSD remains trapped between the cluster of MAs and well-defined horizontal levels, short-term momentum will hinge on breakouts. A move back above the series of MA peaking at 0.5939 would revive upside potential, while a break below 0.5863 and then 0.5852 (and staying below) would shift the bias more firmly to the downside.

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