FxWirePro: NZD/USD edges lower ahead of FOMC and NZ Q4 GDP, finds support at daily cloud

NZD/USD chart - Trading View 

• NZD/USD fails at strong trendline resistance at 0.6870, edges lower to break below 5-DMA.
   
• The pair is trading at 0.6836 at 0710 GMT, down 0.26% at the time of writing.
   
• Technical studies for the pair are holding a slightly bullish bias. Break above 0.6870 could see gains upto 0.6915. 
   
• Focus now on New Zealand Q4 GDP data along with FOMC meeting for further impetus.
   
• Markets are looking for a dovish FOMC outcome. NZ GDP is expected to show the growth rate ticked higher to 0.6 percent q/q in Q4 from 0.3 percent in Q3. 
   
• Technical studies for the pair are holding a slightly bullish bias. Break above 0.6870 could see gains upto 0.6915.
   
• Price action is consolidating above daily cloud and break below will see dip till 200-DMA.

Support levels - 0.6828 (cloud top), 0.6797 (100-DMA), 0.6730 (trendline)

Resistance levels - 0.6842 (5-DMA), 0.6872 (Mar 12 high), 0.6915 (trendline)

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