Up and down trading day
The NZDUSD moved to the lowest level since December 19 today with the low at 0.6583. Tht was near the 38.2% of the trend move up that was started in November. The level comes in at 0.65887. The low for the day was just 4 pips below that level before we got the bounce. The price currently trades at 0.66108.
Drilling to the hourly chart below, the fall to the low did crack below the 200 bar MA on the 4-hour chart (lower green line currently at 0.65956). That break did fail and support reestablished against the MA level, giving the buyers a reason to head back higher.
The move back up in the NY session did move back toward a topside trend line and 100 hour MA. The trend line currently comes in at 0.66156. The 100 hour MA comes in at 0.66206 currently. It will take a move above each to solicit more buying in the pair.
Into the new day, I would expect the 200 bar MA below at 0.65956 as a downside target to get to and through for more selling pressure.
On the topside, the trend line and the 100 hour MA should open the market for more upside momentum.
