NZD/USD price action fluctuates between key moving averages

The NZD/USD currency pair is currently experiencing a period of consolidation between two key technical levels. After breaking below the 100-hour moving average, the price retested the level but failed to move back above it, establishing the moving average as a point of resistance.

Subsequently, the price moved lower toward the 200-hour moving average, where buyers stepped in to defend the level, establishing it as support. The pair is currently confined within the range created by these two moving averages. A breakout from either level is expected to generate increased momentum in the direction of the break.