NZDUSD support and resistance has been set against technical levels.What are they and why?

The NZDUSD moved lower yesterday and found support at a swing level off the daily chart and near a downward sloping trend line on the hourly chart.

The subsequent rise today has seen the price move up to test a key hourly moving average. That moving average held resistance yesterday, and it held resistance on a few occasions and days last week.

In this video, I outline the support and resistance targets defined by the technicals and explain why they are so important going forward.

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