Peaked ahead of its time after break yesterday

The NZDUSD moved above the 100 day MA yesterday. In December, the price moved above that MA on 4 separate days and each time, the price closed below. Yesterday, the price closed above the line (at 0.71486).

The high price peaked ahead of the next target on the daily chart at the December high (at 0.7238). The high price stalled at 0.72187, well short of that target. However, if you look at the hourly chart, there was a topside trend line at that area. So perhaps it was not as random as the daily chart suggested (see hourly chart below).

The price fall today has the pair back down looking to test a support level defined by a lower trend line on the hourly chart and the 38.2% of the move up from last Friday's low. That levels comes in at 0.7162. We are right at that support level now.

Do traders enter in against it now?

I would expect risk defining traders to lean against the level with stops on a break. Risk can be defined/risk can be limited. There are a couple reasons to buy.

If the price does break, however, that key 100 day MA will be eyed not far away at 0.71486. It would not look good on the bulls technical resume to have the price move back below the 100 day MA one day after a break (that would be more bearish). So this too is a level that we should see buyers leaning.