NZDUSD finds support again — upside momentum hinges on clustered MAs ...Middle East

To turn the tide more clearly in favor of the bulls, price needs to break above a cluster of resistance moving averages. That includes the 100-bar MA on the 4-hour chart at 0.59249, along with the 100- and 200-hour MAs just below and around the same region. This confluence of technical resistance has limited gains and remains a critical zone for upside continuation.

Key Technical Highlights:

Break level below: 200-day MA at 0.58798

Bias: Neutral-to-bullish above 0.58957, bullish confirmation only above 0.59249

Buyers continue to defend key support, but the battle lines are drawn at the MAs above. A breakout or breakdown from this tight range will dictate the next move.

This article was written by Greg Michalowski at www.forexlive.com.

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