FxWirePro: NZD/USD recovery capped at 20-DMA, break below 0.68 handle to see further downside

NZD/USD chart on Trading View used for analysis

• NZD/USD edges higher from weekly lows at 0.6796, reclaims 0.68 handle.
   
• The pair is currently trading at 0.6820, up 0.20% at the time of writing.
   
• US dollar buoyed across the board after upbeat GDP data and Fed Chair Powell's comments, weighing on the pair.
   
• Fed Chair Powell mentioned that the US economy is in good shape and continued emphasis on patience for the monetary policy.
   
• Further, initial estimate for US Q4 GDP of 2.6% annualized calm market worries about a slowdown.
   
• Focus on U.S. Durable Goods and Construction spending data due later today.
   
• Technical bias remains bearish as long a 20-DMA resistance holds. Break above 20-DMA could see further upside.
   
• On the flipside, the pair has strong support at 55-EMA, break below will see continuation of downside.

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