• NZD/USD bears are moving in on the Bulls' party. 
• Key data this week could be used as the catalyst. 

NZD/USD ended in New York little changed, but there are prospects of a move lower this week with a number of key events that stack up with the price faltering on the bid as the following technical analysis will illustrate. Meanwhile, the NZ labour market data and the Fed decision will be key and could be the icing on the came for the bears that are gate-crashing the bull's party.

''The consensus seems to be that labour market data won’t do much to alter RBNZ thinking now that CPI data is in hand, but we wouldn’t dismiss it so quickly given wage/price spiral risks,'' analysts at ANZ Bank explained.

NZD/USD H1 chart

The Kiwi is making tracks to the upside but the accent has started to decelerate. 

The waterfall sell-off could look something like the above if the bears really went to town this week. 

The W-formation means that the price is more probable to meet resistance and fall back into test support. A break of the micro trendline could lead to a move lower for the day ahead with 0.6470s critical.