Looks to test the lows for the day
The NZDUSD price as moved back below its 100 hour moving average (blue line) at 0.71941. The pair has been trading above and below that moving average this week. On Monday the price moved above it on its way to test the 200 hour MA (green line). Sellers lined up against that moving average line and push the price lower.
Yesterday in the NY session, the price move back below the 100 hour moving average level only to stall the fall ahead of its 100 day moving average (currently at 0.71804).
In the Asian session today, the price move back above the 100 hour moving average and extended to a high of 0.7214 in the early NY session (near a swing area between 0.7207 and 0.72123). That hi was still short of the 50% midpoint of the range since May 26, and also the falling 200 hour moving average. Both are near 0.7221. Ultimately, it will take a move above both to tilt the bias more to the upside for the pair. Stay below and the bears remain more control
The fall back below the 100 hour moving average tilts the bias more to the downside with the forementioned 100 day moving average a key target to get to and through to increase the bearish bias. The best case scenario intraday for the sellers is to stay below the 100 hour moving average at 0.71941 up to the natural 0.7200 level. Doing so, keeps the sellers happy and the buyers nervous for a bigger break to the downside.
