Move below the 100 hour MA failed yesterday. Can the price get and stay below?
What would tilt the NZDUSD more bearish?
Yesterday, the answer would have been, "Move below the 100 hour moving average (blue line in the chart above)".
The price did dipped below its 100 hour moving average, only to stall without much momentum. The price moved higher.
Today, in the Asian session, the moving average was tested but found buyers against the level. The level also corresponded with a newly formed trendline connecting the low from May 26 with the low from yesterday's trading.
That trend line currently at 0.6523 is the 1st step in tilting the NZDUSD bias more bearish. The next step would be to get and stay below the 100 hour moving average (again) at 0.65111.
Those of the steps that would tilt the bias more to the downside for the pair and likely lead to more downside probing. The 0.64823 and the the low from yesterday at 0.64678 would be targets on the downside
