NZD/USD technical analysis: 100-day MA is tough nut to crack

• NZD/USD is facing pullback risks after multiple failures at the 100-day MA hurdle. 
• A close above the key average will likely invite stronger buying pressures. 

The 100-day moving average is the level to beat for the NZD/USD bulls. 

The pair has failed four times in the last 22 days to hold on to gains above the 100-day MA. Notably, the rejection at the MA hurdle at 0.6462 on Nov. 4 was followed by a drop to 0.6322 on Nov. 8. 

The bounce from Nov. 8 lows has run out of steam at the 100-day MA in the last four days. 

A close higher will likely embolden the bulls, yielding a quick move higher to 0.6466 (Nov. 4 high) and 0.65 (psychological hurdle). 

That said, markets usually test dip demand following multiple rejections at key levels. So, with the 100-day MA proving a tough nut to crack, the pair is more likely to revisit support at 0.6380. 

The Kiwi is already feeling the pull of gravity. NZD/USD is currently trading at 0.6407, representing a 0.16% loss on the day, having faced rejection near the 100-day MA hurdle at 0.6423 during the overnight trade. 

Daily chart

Trend: Pullback likely

Technical levels