FxWirePro: NZD/USD pauses with 'Doji' at 200-DMA resistance, caution ahead of Trump-Xi meeting

NZD/USD chart - Trading View 

NZD/USD was trading largely unchanged on the day around 0.67 at 06:00 GMT.

Upside capped at 200-DMA, 'Doji' formation raises scope for downside correction.

President Trump's adviser Kudlow damped expectations of US-China trade truce. Greenback also ignores GDP data which printed inline with expectations. 

U.S. Bureau of Economic Analysis (BEA) data showed U.S Q1 real-GDP expanded by 3.1% y/y to match the previous estimate and the market consensus.

Markets cautious ahead of weekend's meeting between the US President Trump and his Chinese counterpart Xi Jinping.

Technical studies for the pair are bullish, Stochs and RSI show bullish momentum. MACD also supports gains. 

Stiff resistance seen at 0.6710 which is converged cloud top, 200-DMA and 50% Fib retracement.

Stochs have approached overbought levels, some consolidation likely before the next leg higher.

Decisive breakout at 0.6710 will propel the pair higher. Next bull target lies at 61.8% Fib at 0.6764.

On the downside, supports align at 0.6668 (converged 5-DMA and 110-EMA), 0.6605 (21-EMA).

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