The NZDUSD continues to experience volatile price action following the FOMC rate decision, with today’s trading seeing an initial move to the downside.
The fall took the price briefly below its 100-hour moving average, marking a departure from the recent trend. However, this break was short-lived, and the price has since reversed sharply to the upside.
The upward move did have it’s limit. That limit stalled near yesterday’s post-FOMC high of 0.6267. THat level was just shy of the swing area seen at the end of August, which comes in at 0.62728. To gain further control, buyers need to break above this level.
For now, however, the buyers remain in control, and will continue to hold the reins as long as the price stays above the 100-hour moving average at 0.6198.
This article was written by Greg Michalowski at www.forexlive.com.