The price moves below the 61.8% as price continues the ups and downs
The NZDUSD is trading to new session lows as "risk off" seems to be driving force. The Dow is down -420 points or -1.7% and the S&P is down -1.28% now. Yields are sharply lower. If the trend continues, the risk/commodity currencies tend to get hurt.
Technically, there is reason for the weakness today.
Looking at the hourly chart, the price fell below the 100 hour MA (blue line) in the London session. That MA was retested on a corrective move in the US session and held (see blue line in the chart above).
That hold was an invitation to the sellers.
The price has now moved below a trend line at 0.6907 and a swing floor area at 0.6904. That area is now risk for shorts. Stay below is more bearish. Move back above, and some of the bearishness seen today fades.
We are trading lower as I type and are looking toward the next targets at the 0.66838 area. That was low from May 21 and May 23rd (see chart above). Break below that level and the seller will start looking toward the May lows at 0.6850. That low was the lowest level for the NZDUSD going back to May 16.
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