NZDUSD rose on Friday following a report from ANZ that they have now seen 2 more earnings in 2024 (at 6%). This priced the market and pushed NZDUSD towards a swing zone between 0.61487 and 0.6159. The price rise stopped and returned to decline. In today’s trading, price action has been more up and down with a downward bias, but the last few hours have seen an upward rotation as the trading day draws closer of the fence.
If the rise is to continue, the price must rise above the aforementioned 0.6148 to 0.6159 zone. Above this level, traders would look towards a 38.2% retracement from the December high. This level sits at 0.61639, followed by the 200-bar moving average on the four-hour chart at 0.6173.