Technical levels define the range
The NZDUSD – l like the AUDUSD – tumbled lower in early Asian trading. The low for the day reached 0.63409. That was close to a lower trend line (see green numbered circles).
The snapback rally, reached the 100 hour moving average (blue line in the chart above) and stalled on the test (MA is currently at 0.63912). The subsequent fall reached the lows from Thursday and early Friday at the 0.6361 to 0.6363 area, and stalled.
We currently trade between the 100 hour moving average above at 0.63912 currently, and the swing level at the 0.6361 – 63 area (trading at 0.6380 currently).
So the sellers have defined resistance and the buyers have defined support. The battle will eventually crown a champion on a break of either extreme (stay broken). At this level, near the middle of the two levels, however, we could go either way. Much will likely depend on the news from US/China.