NZD/USD closes in on a test of the 200-day moving average

If buyers manage to find a way to break above that, then the near-term bias turns more bullish. During the last week, sellers have failed to drive price below the 0.6700 handle and that was a key area that buyers leaned on and now we're moving back up.

In trading today and yesterday, buyers managed to keep price above the 100-hour MA (red line) and is now helping to push it towards the 200-hour MA (blue line). The kiwi is the best performing major currency on the day, and that is helping to keep sellers on their toes with a key near-term resistance level within touching distance now.

One of the reasons adding to the kiwi positivity (apart from equities gaining) today is that it is also seeing cross-flows from buying against the aussie. AUD/NZD has fallen below 1.0900 today and is now trading around 1.0888 after having failed to sustain a daily break above the 38.2 retracement level @ 1.0936:

And that is giving added fuel for the kiwi's run higher today. There isn't much movement across other major currencies today - apart from the euro - so the cross-flows seen from the aussie is of quite significance thus far.

That said, there is a decent-sized expiry at 1.0900 tomorrow (AUD 413m - significant given that the pair doesn't see a lot of options) so that may be one to keep price close to the 1.0900 handle and limit any further gains in the kiwi seen today.