FxWirePro: NZD/USD bounces off 200-DMA support, US PCE data awaited for impetus

Chart - Courtesy Trading View 

NZD/USD holds on to gains near session high at 0.6304 as traders await US PCE data for further impetus.

The pair was trading 0.59% higher on the day at 0.6285 at around 12:20 GMT, slightly below session highs at 0.6304.

Strong data from the US overnight revived fears the Federal Reserve will have to retain its hawkish stance to tame inflation.

U.S. weekly jobless claims data pointed to a still tight labour market, while the U.S. economy rebounded faster than previously estimated in Q3.

Revival in the market risk sentiment support the antipodean, while hawkish Fed expectations keep upside in the pair limited. 

Focus on U.S. personal consumption expenditures (PCE) data due later on Friday for further clues on whether inflation is continuing to moderate. 

Analysts expect US core PCE price index to rise 0.2% for November, while predicting a 4.7% rise for the twelve months through November.

Support levels - 0.6251 (200-DMA), 0.6189 (Lower BB)

Resistance levels - 0.6297 (21-EMA), 0.6338 (20-DMA)

Summary: NZD/USD pauses downside at major support at 200-DMA. Major trend is the pair is bullish as evidenced by GMMA indicator. Break below will fuel further downside. On the flip side, retrace above 21-EMA will see upside resumption in the pair.