Barometer for the buyers and sellers
The NZDUSD has been waffling higher and lower. The NY session started higher and testing the 200 hour MA (green line currently at 0.6485) but started tomove lower with the help of worsening coronavirus data from Florida, Texas, increases in response level in Beijing to level 2, and some comments from Powell that limited the stimulus hopes from the corporate bond buying announced yesterday.
Technically, the 100 hour MA (currently at 0.6459) was broken and the price fell to a low for the day at 0.64116.
With stocks now rebounding, so has the price of the NZDUSD (Dow up 2.42%, Nasdaq up 2%, S&P up 2.27%).
The run higher did stall ahead of the 100 hour MA (at 0.6459 currently). Holding that level increases that levels importance as a risk/bias barometer. Stay below, is more bearish. Move above and it should tilt the bias back to the upside.