FxWirePro: NZD/USD breaks above 21-EMA on upbeat GDP data, 'Death Cross' may limit upside

NZD/USD chart - Trading View 

NZD/USD edges lower from weekly highs at 0.6581, trades 0.52% higher at 0.6570 at 05:35 GMT.

The major has broken above 21-EMA resistance raising scope for further gains.

Price action is extending bounce off strong trendline support on Monday's trade.

'Gravestone Doji' formation helps bounce back in the pair. Technical indicators are turning.

RSI is at 50 levels and sharply higher. Stochs are on verge of bullish rollover from oversold levels.

Federal Reserve's dovish forward guidance on interest rates and the resulting rise in the New Zealand (NZ)-US bond yield differentials aiding recovery.

That said, 'Death Cross' set to keep upside limited. Major trend still remains bearish.

Break above 21-EMA eyes 50-DMA at 0.6596. Bearish invalidation only above 200-DMA

Major trendline support lies at 0.6490. Break below sees scope for drop till 0.6196 (Aug 2015 lows).

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.