Resistance now at 200 hour MA at 0.7293
The NZDUSD initial reaction has been to the downside after the RBNZ rate decision. Within the statement, the RBNZ said they see a need for FX drop. The fall took has taken the price away from the 200 hour MA and an upward sloping trend line that was broken. Both come in at 0.7293 area. That is risk for shorts now. Stay below is more bearish.
The pair has moved down toward the 100 bar MA on the 4-hour chart. That level comes in at 0.75524 currently. Below that the 0.7236-46 will be eyed. Additional downside targets come in at 0.7218-24. Then the 38.2% of the move up from the December 23rd low at 0.71784.