The trend line and 200 hour MA in the NZDUSD are key for buyers and sellers
The NZDUSD lost momentum against a topside trend line yesterday. The price move back below the 200 day MA at 0.6706, the 100 day MA at 0.6693 currently, and then the 100 hour MA (see chart below). The price also moved below the swing high from June 7 at 0.66807. That was yesterday.
Today, the pair corrected higher but stalled against that June 7 swing high at the 0.66807 level, and the price moved back lower (see red circle 2).
However, the downside run is not as accepting of the lower targets today. The pair's price has run into a trend line connecting lows starting from June 18. That line stalled the fall twice today. It currently cuts across at 0.6660 (and moving higher).
If the downside momentum is to continue, a move below would be another crack in the bullish bias. Below that the 200 hour MA at 066506 will also be a level that if broken, would help further weaken the technical picture. Until then, however, the market price action is a little bearish (below the 0.66807 and 100 hour MA) and a little bullish (above the trend line and the 200 hour MA).
