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NZD/USD Fades Back into Bearish Mode

Last week, we saw the USD take a hit after the Fed decided against raising rates. The rate hike will probably come in 2016. The market saw some gains in NZD/USD. The aggregate price action in September plus the post-Fed statement reaction looked like a price bottom, but we are seeing that support quickly crumble.

NZD/USD 4H Chart 9/21
(click to enlarge)

Seeking Alpha noted that there was support for riskier currencies such as AUD and NZD after the Fed stayed loose. However, as we can see in the 4H chart, this did not translate into a bullish reversal in NZD/USD. Instead, it looks like the pair just completed its consolidation and is ready for bearish continuation. 

The fact that price was rejected so clearly at the 200-period SMA and the fact that price is now below the level just ahead of last week's Fed statement suggest bears are taking charge. Look for a push into the 0.6195-0.6243 area this week.