NZDUSD: A lot of chop in the trading this week, but the sellers are still in control

In the video above, I take a look at the technicals driving the NZDUSD as we look toward the new trading week.

The sellers are more in control below a cluster of MA with a high at 0.5612. If the price cannot get above those MAs, the sellers are in full control

A move above that level, and there is still work to do to take back more control. However, it is gives the buyers some hope. Ultimately, it would take a move above the 38.2% of the move down from the November high at 0.5688 for the buyers to show they are serious about the upside and give some sellers some cause for pause.

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