The pair seems little weaker as it has formed a and long legged on 4H charts at 0.7068 and 0.7044 levels respectively.
However, Kiwi dollar’s consolidation from the last couple of months should also not be disregarded.
Bears momentum intensified after drops below 7EMAs, likely to extend slumps if it breaches below 21EMA amid any abrupt upswings
Even after dropping from major resistance at 0.7315 levels on weekly charts indicates previous consolidation trend seems again little weaker and more potential for the downside to targets.
Currently, heading towards supports at 21DMA on weekly and 21DMA on daily graphs.
If it doesn't hold support at 21EMA, then next southward targets at 0.6843 levels is quite possible.
and oscillators on both daily and weekly graphs are suggestive of further declines as they evidence downward convergence to the price dips.
%D crossover even below oversold zone on weekly plotting have been convincing that the selling momentum is still strong. While remaining in trajectory may also indicate reversal at any time.
Considering above technical reasoning, the pair may experience pressures ahead of today’s Fed funds rate which is unlikely to be changed but hawkish statements may add impetus to the on-going pressures.
Hence, one can eye on one touch binary puts or 1W ATM -0.49 delta put which adds magnifying effects in option payoffs as 1W NZDUSD ATM IVs are flashing at 13.72% which is on a quite higher side, good for option holders.