NZDUSD technical outlook: price stalls between key support and resistance

The NZDUSD moved higher last week, surpassing the 100-day moving average, indicating an improvement in the technical outlook. The rally extended toward a key resistance zone between 0.5830 and 0.5844, where sellers capped the upside. As the week advanced, selling pressure drove the price back toward the 100-day moving average, creating a dynamic closer to the support area between 0.5748 and 0.5761, with a notable low at 0.5765 where buyers stepped in, enabling a rebound. The bounce, however, stalled against natural resistance near 0.5800, coinciding closely with the 100-day moving average, reinforcing its significance as a dividing line for market sentiment. As both buyers and sellers contest this range, market coiling suggests an impending decisive move. Maintaining above the support keeps buyers engaged, while a break above resistance may shift the bias significantly upwards. Until a breakout occurs, expect range-bound trading behavior.