NZD/USD has rallied through the 100 sma on the hourly chart while markets continue to step out of the US dollar. There is volatility in markets as investors run for cover and exit European and Asian assets. There is a concern over commodity prices, EM's and the European banking sector. The Yen is at yearly highs and Japanese equities were down 5% while the 10-yr JGB also fell into negative territory. The bird is caught in the mix of the volatility, catching a rebound off the lows at the 200 sma on the hourly sticks at 0.6577. For further stimulus in the price, a fundamental driver will come from Yellen's testimony tomorrow. We have the retail card sales as well from New Zealand today. However, the main focus will remain with the US dollar and keeping an eye on Yen at very uncomfortable highs for Kuroda. NZD/USD levels Technically, NZD/USD was capped at the 200 dma in recent sessions and has done little to convince that the 2016 reversal is here to stay. The price is consolidating in a wide range on the daily sticks, but narrowing. The downside is open below the 100 dma at 0.6606 targeting the 20 dma at 0.6520. For more information, read our latest forex news.