The low MA target is being tested after the 200 day MA could not be broken
The NZDUSD has been ping ponging between the 200 day MA above at 0.65018 (tested late yesterday and again in the London morning session), and the 100 hour MA below at 0.64733. The 100 hour MA was broken yesterday and tested in the Asian session. We are currently back down testing that MA.
When the market ping pongs between technical levels, there will eventually be a break and hopefully momentum in the direction of the break. The price can also continue to ping pong. The sellers at the 200 day MA are sitting pretty after they sold on the 2nd test. So you never know.
What we do know is risk (and bias) is defined at the levels. A move below the 100 hour MA now would weaken the technical bias and put the bears more in control (look for stops from the dip buyers). Hold and the buyers hope against the 100 hour MA, will be for another run to the key 200 day MA above. Time will tell.
So far, the dip buyers are leaning and trying to inch the pair back higher.