FxWirePro: NZD/USD pauses bull run, minor weakness likely on account of overbought oscillators

NZD/USD chart - Trading View 

NZD/USD retraces below the 0.69 level after hitting fresh cycle highs at 0.6914, bias remains bullish.

The pair was trading 0.23% lower on the day at 0.6865 at around 07:00 GMT, after closing 0.90% higher in the previous session.

US dollar remains under pressure amid rising coronavirus cases. On the other side, kiwi supported as markets expect steady RBNZ for longer.

The Reserve Bank of New Zealand assistant governor, Christan Hawkesby on Wednesday said that the bank has not changed its guidance on keeping OCR at 0.25% until March 2021 and that the economy is performing more strongly than expected in August this year.

Pfizer breakthrough announcement on 9 November of a vaccine that has proven to be successful in trials 90% of the time is likely to keep risk assets buoyed.

NZD/USD trades with a bullish bias. Some pullbacks likely on account of overbought oscillators. 

Price action has broken above 200W MA and resumption of upside will see test of 78.6% Fib at 0.7110.

5-DMA is immediate support at 0.6832, retrace below 200W MA will negate any bullish bias.