In the video, I explore the technical aspects influencing the NZDUSD as we gear up for the upcoming trading week. Right now, the sellers have the upper hand, especially since the price remains below a cluster of moving averages, with a notable high point at 0.5612. If the price struggles to climb above these moving averages, the sellers will continue to dominate the market.
However, should the price surpass that threshold, there’s still more ground to cover for the buyers. It’s a signal that might give them a bit of optimism. Yet, for the buyers to truly assert themselves and make a strong case against the sellers, they need to push beyond the 38.2% retracement level from November’s high, marked at 0.5688. Crossing this line would indicate a serious effort to drive the price upward, potentially making the sellers reconsider their positions.
