NZD/USD near-term bias is caught in the middle at the moment
Price action is more neutral currently as we're trading in between both the key hourly moving averages, although sellers are continuing to push the issue in an attempt to test the 200-hour MA (blue line) and 38.2 retracement level @ 0.6361.
The trading range today is still relatively narrow (19 pips) but we are trading near the bottom end of that range now.
If sellers manage to break the near-term levels above, they will establish a more bearish momentum and could look to drive price lower from there.
Meanwhile, for buyers there is much work to do in order to regain the upside momentum as they have to move price back above the 0.6400-03 threshold first and foremost.
Looking at the bigger picture:
It looks like the key resistance levels from 0.6428 onwards have proven their mettle in limiting gains as we see sellers now regain some near-term momentum as noted above.
However, for sellers to feel more comfortable to drive price back towards 0.6300 and below, a break of the resistance-turned-support @ 0.6343 is also needed, that is if they are able to break the near-term support @ 0.6361 as noted above.
