FxWirePro: NZD/USD finds stiff resistance at 21-EMA, break above required for upside continuation

NZD/USD chart - Trading View 

Technical Analysis: Bias Neutral

- NZD/USD was trading 0.39% higher on the day at 0.6951 at around 09:10 GMT

- Price action hovers around 23.6% Fib retracement, finds stiff resistance at 21-EMA

- MACD is on verge of bullish crossover on signal line, momentum is bullish

- Price action is above 200H MA and GMMA indicator shows major and minor trend have turned bullish on the intraday charts

Fundamental Overview:

China posted a trade surplus of $66.76 billion in September, beating forecast for a $46.8 billion surplus by a large margin. Trade surplus stood at $58.34 billion in August.

Details of the report showed exports rose 28.1% from a year earlier, while imports increased 17.6%, missing an expected 20% gain.

Market sentiment remains tepid amid stagflation worries. Investors turn cautious ahead of the key US inflation, Fed minutes and earnings reports. 

Markets largely convinced that the Fed will begin rolling back its massive pandemic-era stimulus as soon as November. 

Support levels - 0.6932 (5-DMA), 0.6859 (Sept lows), 0.6805 (2021 low)

Resistance levels - 0.6960 (23.6% Fib), 0.6965 (21-EMA), 0.6987 (Cloud base)

Summary: Major trend in the pair still remains bearish. Price action is below cloud and 200-DMA. Watch out for break above 21-EMA for further gains.