The NZDUSD buyers made a play to the upside in the Asian session and pushed to and through the 200-day MA at 0.61488, with the high for the day reached after the weaker US CPI data. However, after breaking above that key MA, the next target at the 50% retracement area near 0.61838 could not be reached and buyers turned to sellers. The price has traded above and below the 200-day moving average and now threatens to extend further to the downside in late afternoon trading.
For the downside momentum, the swing area between 0.6103 and 0.6114 would be a ride along with the rising 100-hour moving average currently at 0.61035. I would expect support buyers to lean against that level on a test.
On the topside, it would take a move back above the 200-day moving average (and stay above) to put the buyers back firmly in control.
