There should be a stall here.
The NZD was the weakest currency coming into the trading NY trading day, and it remains the weakest currency at midday.
The NZDUSD is down -0.80% from Friday's close and trades at the session lows.
In the process, the price has moved to the 200 bar MA on the 4-hour chart at 0.7349. The low just reached 0.7347. So although the MA has been broken, it is not exactly running. The last time the price traded below this MA for an extended period of time was on May 22nd. The pair traded below for a few hours before moving back higher.
Is this a stall point for the pair?
For traders looking for low risk trading levels, this is a level where buyers should stick a toe in the water. The risk? Ten or so pips. If the price rebounds, a move above the 0.7358 (100 bar MA on the 5-minute chart) is step one for a correction. Above that the 200 bar MA at 0.7378 will be eyed.
It is hard to pick bottoms, hence I don't look to risk a lot, nor expect a lot on a rebound (or let's say are cautiously optimistic). But the 200 bar MA has not been tested in a while, the price may be a bit oversold. So there could be some profit taking and perhaps some longs sticking that toe in the water.