The NZDUSD has seen choppy price action today but has rotated back lower and is now testing a key technical level: the rising 200-bar moving average on the 4-hour chart, currently at 0.57055 (see green line). This level was last approached two weeks ago, where price found buyers on two separate occasions, leading to short-term bounces.

The question now is whether buyers will once again defend this support level. If so, the next hurdles lie at the 100-bar moving average at 0.57189, followed by the 100-day moving average at 0.57376. A move above these would strengthen the bullish case and suggest a near-term bottom may be forming.

On the other hand, failure to hold the 200-bar MA could open the door for further downside pressure. In that scenario, the market may find itself caught in a technical tug-of-war between the 200-bar MA support and 100-day MA resistance.