The NZDUSD has traded back down to test the Asian session low at 0.70995. The price reached 0.71018 the last hourly bar (see chart below).
The move back lower has also moved below a swing area between 0.7113 to 0.7120. That area has seen highs or lows no fewer than 14 times (see red numbered circles) going back to December 10.
The last two days of trading has seen the price waffle above and below the area with a low of 0.70956 and 0.7141. Getting outside that range are the up and down targets.
Although the price has waffled around the swing area, it has still acted as a barometer for the bulls and bears over the last two days of up and down trading.
Stay below will keep the sellers more in control. Move above would tilt the bias back to the upside with the targets being the extremes for the week so far.