The dollar gives back gains. The kiwi gets an extra lift.The NZDUSD fell to its lowest level since April 2025 on Friday, reaching 0.5527 before closing the week at 0.55426. The pair is higher today as the US dollar gives back some of Friday’s gains and New Zealand’s election gives the kiwi an extra lift.On the US side, hopes for progress in diplomacy with Iran helped push crude oil lower and eased haven demand for the dollar. That reversed part of Friday’s USD rally, which followed the strong US jobs report.On the New Zealand side, Prime Minister Christopher Luxon’s National-led coalition holds 67 of 131 seats in the preliminary count, one seat above the majority threshold. That gives the incumbents a path to stay in power and reduces the near-term odds that an employment objective will be restored alongside the RBNZ’s inflation objective. Markets could read such a change as dovish. About 400,000 special votes are still outstanding, with final results due November 27.Buyers reclaim the old floor and defend the 100-hour moving average.On the hourly chart, the first step was a move back above the old floor near 0.55791. That opened the door to the 100-hour moving average at 0.5599. Buyers pushed through that level and tested the 200-hour moving average at 0.56114 before the price rotated lower.The important part was what happened on the pullback. Buyers leaned against the 100-hour moving average and pushed the price back up to its highest level since Thursday. That puts the next swing area at 0.5625 to 0.5633 in focus.What next for traders?A move through 0.5633 would have traders looking toward last week’s high near 0.5657. Above that, the 38.2% retracement of the move down from the August high comes in at 0.57026.The trading rule is simple. As long as the price holds above the 100-hour moving average at 0.5599, the buyers can stay in the game and work through those targets one at a time. A move back below that average would weaken the rebound and put the old floor near 0.55791 back in play.In the video above, I walk through the rebound on the hourly chart, show why 0.5599 is the barometer for buyers, and lay out the levels they need to clear to extend the move. This article was written by Greg Michalowski at investinglive.com.