The pair moves towards a test of the 100-day moving average next
The pair tried to challenge daily resistance around 0.6777-84 but ultimately failed and since the tailwind from AUD/NZD selling has been taken away, it’s been a rough week for the kiwi more so after reports that the RBNZ is exploring more unconventional policy measures.
NZD/USD has fallen off as such back below the 200-day MA (blue line) and is now headed towards a test of the 100-day MA (red line) @ 0.6674. There is also added support from the previously broken trendline resistance @ 0.6672.
As we look to wrap up the week, keep an eye out on the 100-day MA as a fall below that will reinvigorate sellers to build further momentum in chasing a downside move. I reckon if that happens, we could see price potentially start moving back towards 0.6600 again with the key risk next week of course being the Fed meeting.