Chart - Courtesy Trading View
NZD/USD was trading 0.22% higher on the day at 0.7006 at around 06:30 GMT.
The pair has bounced off daily cloud support, edging higher from session lows at 0.6982.
Traders position for higher interest rates from the Reserve Bank of New Zealand meeting later this week.
Strength in US dollar is likely to limit upside in the pair. Price action hovers at 5-DMA resistance.
Technical indicators are biased lower. GMMA indicator shows near-term trend as evidenced by near-term moving averages is strongly bearish.
The pair has paused downside at 55-week EMA and 23.6% Fib at 0.6993, breach below will plummet prices.
Major Support Levels:
S1: 0.6993 (converged 55-week EMA and 23.6% Fib)
S2: 0.6952 (Lower BB)
S3: 0.6930 (trendline)
Major Resistance Levels:
R1: 0.7004 (5-DMA)
R2: 0.7026 (20-week MA)
R3: 0.7032 (200H MA)
Summary: NZD/USD finds strong support at daily cloud. Break below to see more weakness. RBNZ in focus for impetus. Break above 21-EMA to change near-term bias.
