Recall last week, the RBNZ cut rates. That sent the NZDUSD sharply lower to a low of 0.6523, but rebounded and for the rest of the week, the low was at 0.6567. Yesterday and early today, new lows were made at 0.6563. That break of 4 pips ain't cutting it. If the pair is going lower, it will need a little more momentum. Don't you think?
Now the good news for the bears is that the upside today has been somewhat limited too. The 100 hour MA comes in at 0.6594. Like at the lows, the price moved above the 100 hour MA, but it stalled. The last 10 or so hourly bars has stayed below that MA line.
So like a number of pairs today, the pair is battling between resistance above (get above the 100 hour MA and stay above) and support below (get below the 0.6563 level and stay below). We currently trade in between at 0.6578.