NZDUSD edged lower in trading today as the pair was hit by “risk-off” flows as well as higher rates. The currency pair is down around -0.70% and is the biggest mover against the USD today.

Technically, the price is extending closer to the 2022 low reached at 0.55105. Today’s low price reached 0.5541. It’s a stretch. NZDUSD traded as high as 0.63778 in late September (when the Fed started cutting rates).

Drilling down to the hourly chart, below, the price has fallen below the swing area between 0.5586 and 0.55918. Above that is another area of ​​momentum and 0.5606 and 0.56125 and the 100 and 200 hourly converging moving averages at 0.5618.

The NZDUSD price would need to bounce back above those levels to reverse the technical bias to the upside. In the absence of this, sellers still have more control