The NZDUSD moved lower after weaker New Zealand jobs data early in the new trading day, but sellers could not push the price below a familiar floor near 0.5579 (see green circles on the chart below). That level has attracted buyers on a number of occasions going back to late September and through October. Today, buyers leaned against it again and were rewarded with a rebound as the market reacted to the US election results.The hold matters technically. Buyers had a level to define and limit risk, and they defended it. However, holding support is only the first step. To increase the bullish bias, they now need to take back resistance above.The 200-hour moving average stalled the reboundThe rally today off the solid floor, broke above its 100 hour moving average near 0.5622, but ran into the falling 200-hour moving average (green line) near 0.56418. Sellers leaned against that level and stalled the move higher, keeping that moving average as a key topside barometer.Get above—and stay above—and buyers would give themselves more control. Until then, sellers can point to the failed test as evidence that overhead resistance is still doing its job.Ahead of that level, the 100-hour moving average near 0.5622 and the swing area from 0.56256 to 0.56333 provide nearer hurdles. Buyers need to establish support above those levels to put the 200-hour moving average back in their sights.What comes next?A sustained break above the 200-hour moving average would open the door toward the next swing area between 0.56681 and 0.56860. Above that, remember 0.57085. The triple top near that level helped give sellers the confidence to push lower in October. It remains an important target if buyers can build on today’s rebound.On the downside, 0.5579 remains the key floor. Hold above it, and buyers retain a foundation for another recovery attempt. Break below it, and the support that has repeatedly attracted buying would give way, opening the door toward the low near 0.5564.For now, buyers defended the floor, but sellers defended the 200-hour moving average. The next directional clue comes from which side gives way. This article was written by Greg Michalowski at investinglive.com.